Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells $51,004.76 in Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 75,007 shares of Passage Bio stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $0.68, for a total transaction of $51,004.76. Following the sale, the insider now owns 7,257,845 shares in the company, valued at approximately $4,935,334.60. This represents a 1.02 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Major shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Monday, January 6th, Orbimed Advisors Llc sold 19,481 shares of Passage Bio stock. The shares were sold at an average price of $0.77, for a total transaction 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 transaction of $138,192.60.
• On Wednesday, December 11th, Orbimed Advisors Llc sold 80 shares of Passage Bio stock. The stock was 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 shares were sold at an average price of $0.84, for a total value of $45,512.04.
• On Friday, December 6th, Orbimed Advisors Llc sold 20,903 shares of Passage Bio stock. The stock was sold at an average price of $0.82, for a total value of $17,140.46.
• On Wednesday, December 4th, Orbimed Advisors Llc sold 76,200 shares of Passage Bio stock. The shares were sold at an average price of $0.79, for a total transaction of $60,198.00.

Passage Bio Stock Up 1.7 %

Shares of NASDAQ:PASG opened at $0.67 on Friday. The company has a market cap of $41.38 million, a P/E ratio of -0.57 and a beta of 1.54. The company’s fifty day moving average is $0.68 and its two-hundred day moving average is $0.73. Passage Bio, Inc. has a 12-month low of $0.45 and a 12-month high of $1.79.

Wall Street Analysts Forecast Growth

PASG has been the topic of several recent research reports. Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a research report on Thursday, November 14th. Wedbush initiated coverage on Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target on the stock. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $13.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th.

Hedge Funds Weigh In On Passage Bio

A number of hedge funds have recently modified their holdings of PASG. Vestal Point Capital LP lifted its holdings in shares of Passage Bio by 0.8% during 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 last quarter. Landscape Capital Management L.L.C. acquired a new stake in Passage Bio in the third quarter valued at approximately $38,000. Geode Capital Management LLC grew its position in Passage Bio by 18.2% in the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after acquiring an additional 78,406 shares in the last quarter. Lynx1 Capital Management LP increased its stake 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 purchasing an additional 211,758 shares during the last quarter. Finally, Erste Asset Management GmbH bought a new position in shares of Passage Bio during the 3rd quarter valued at $1,718,000. 53.48% of the stock is owned by institutional investors and hedge funds.

About Passage Bio

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.