Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Orbimed Advisors Llc Sells 19,481 Shares

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 19,481 shares of the firm’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $0.77, for a total transaction of $15,000.37. Following the sale, the insider now owns 7,385,388 shares in the company, valued at approximately $5,686,748.76. This trade represents a 0.26 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

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

• 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 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 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 transaction 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 Price Performance

NASDAQ PASG opened at $0.66 on Thursday. Passage Bio, Inc. has a 1 year low of $0.45 and a 1 year high of $1.79. The stock has a market capitalization of $40.70 million, a PE ratio of -0.56 and a beta of 1.54. The business’s 50-day moving average is $0.68 and its 200 day moving average is $0.73.

Hedge Funds Weigh In On Passage Bio

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

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Wedbush began coverage on shares of Passage Bio in a research report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target for 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. Finally, Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a research note on Thursday, November 14th.

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.