Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 54,181 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 54,181 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $0.84, for a total transaction of $45,512.04. Following the transaction, the insider now owns 7,643,285 shares in the company, valued at $6,420,359.40. The trade was a 0.70 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

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

• 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 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 stock was sold at an average price of $0.79, for a total value of $60,198.00.
• On Wednesday, September 18th, Orbimed Advisors Llc sold 25,631 shares of Passage Bio stock. The stock was sold at an average price of $0.73, for a total value of $18,710.63.
• On Monday, September 16th, Orbimed Advisors Llc sold 63,100 shares of Passage Bio stock. The shares were sold at an average price of $0.74, for a total value of $46,694.00.

Passage Bio Trading Down 4.4 %

PASG stock traded down $0.03 during trading hours on Wednesday, hitting $0.76. 70,554 shares of the stock were exchanged, compared to its average volume of 342,998. Passage Bio, Inc. has a 12 month low of $0.45 and a 12 month high of $1.79. The firm has a market capitalization of $46.82 million, a P/E ratio of -0.68 and a beta of 1.43. The company has a 50-day simple moving average of $0.64 and a two-hundred day simple moving average of $0.79.

Analysts Set New Price Targets

A number of research analysts have weighed in on PASG shares. Wedbush started coverage on shares of Passage Bio in a research note on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research note on Thursday, November 14th. Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Passage Bio in a report on Thursday, November 14th. Finally, Rodman & Renshaw started coverage on shares of Passage Bio in a research note on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price target for the company.

Institutional Trading of Passage Bio

Hedge funds and other institutional investors have recently bought and sold shares of the business. Landscape Capital Management L.L.C. acquired a new position in shares of Passage Bio during the 3rd quarter worth approximately $38,000. Geode Capital Management LLC grew its position in Passage Bio by 18.2% during the third quarter. Geode Capital Management LLC now owns 509,516 shares of the company’s stock worth $357,000 after buying an additional 78,406 shares in the last quarter. Erste Asset Management GmbH bought a new position in Passage Bio during the 3rd quarter worth $1,718,000. Vanguard Group Inc. raised its holdings in Passage Bio by 2.6% in the 1st quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock valued at $2,797,000 after acquiring an additional 52,656 shares in the last quarter. Finally, Lynx1 Capital Management LP lifted its position 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 valued at $4,017,000 after acquiring an additional 211,758 shares during the period. Institutional investors and hedge funds 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.