Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Orbimed Advisors Llc Sells 126,209 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 126,209 shares of the business’s stock in a transaction dated Friday, January 10th. The shares were sold at an average price of $0.66, for a total transaction of $83,297.94. Following the completion of the sale, the insider now directly owns 7,131,636 shares of the company’s stock, valued at approximately $4,706,879.76. This trade represents a 1.74 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Orbimed Advisors Llc also recently made the following trade(s):

• On Monday, January 13th, Orbimed Advisors Llc sold 17,986 shares of Passage Bio stock. The stock was sold at an average price of $0.64, for a total transaction of $11,511.04.
• On Wednesday, January 8th, Orbimed Advisors Llc sold 75,007 shares of Passage Bio stock. The shares were sold at an average price of $0.68, for a total value of $51,004.76.
• On Monday, January 6th, Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock. The stock was sold at an average price of $0.77, for a total value of $15,000.37.
• On Friday, December 20th, Orbimed Advisors Llc sold 230,321 shares of Passage Bio stock. The stock was sold at an average price of $0.60, for a total value of $138,192.60.
• On Wednesday, December 11th, Orbimed Advisors Llc sold 80 shares of Passage Bio stock. The shares were sold at an average price of $0.80, for a total value of $64.00.
• On Monday, December 9th, Orbimed Advisors Llc sold 54,181 shares of Passage Bio stock. The stock was sold at an average price of $0.84, for a total transaction of $45,512.04.
• On Friday, December 6th, Orbimed Advisors Llc sold 20,903 shares of Passage Bio stock. The shares were sold at an average price of $0.82, for a total transaction of $17,140.46.
• On Wednesday, December 4th, Orbimed Advisors Llc sold 76,200 shares of Passage Bio stock. The stock was sold at an average price of $0.79, for a total transaction of $60,198.00.

Passage Bio Stock Performance

PASG stock opened at $0.60 on Friday. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79. The firm has a market cap of $37.06 million, a P/E ratio of -0.51 and a beta of 1.54. The stock’s 50 day moving average price is $0.68 and its 200 day moving average price is $0.72.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. Canaccord Genuity Group restated a “buy” rating and set a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th. Chardan Capital reiterated a “buy” rating and issued a $7.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Finally, Wedbush initiated coverage on shares of Passage Bio in a report on Friday, November 29th. They set an “outperform” rating and a $4.00 price objective on the stock.

Hedge Funds Weigh In On Passage Bio

Several institutional investors and hedge funds have recently modified their holdings of PASG. Geode Capital Management LLC lifted its stake in shares of Passage Bio by 18.2% during the 3rd quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after purchasing an additional 78,406 shares during the period. Erste Asset Management GmbH acquired a new stake in Passage Bio in the 3rd quarter worth about $1,718,000. Vestal Point Capital LP grew its holdings in Passage Bio by 0.8% in the 3rd quarter. Vestal Point Capital LP now owns 6,100,000 shares of the company’s stock valued at $4,270,000 after buying an additional 48,000 shares during the period. Landscape Capital Management L.L.C. acquired a new position in shares of Passage Bio during the 3rd quarter valued at about $38,000. Finally, Lynx1 Capital Management LP increased its holdings in shares of Passage Bio by 4.4% during the 2nd quarter. Lynx1 Capital Management LP now owns 5,057,629 shares of the company’s stock worth $4,017,000 after buying an additional 211,758 shares during the last quarter. Hedge funds and other institutional investors own 53.48% of the company’s stock.

Passage Bio Company Profile

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.