Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 25,631 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 25,631 shares of the business’s stock in a transaction that occurred on Wednesday, September 18th. The stock was sold at an average price of $0.73, for a total value of $18,710.63. Following the sale, the insider now owns 7,833,869 shares of the company’s stock, valued at $5,718,724.37. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Large shareholders that own more than 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, September 16th, Orbimed Advisors Llc sold 63,100 shares of Passage Bio stock. The stock was sold at an average price of $0.74, for a total value of $46,694.00.

Passage Bio Stock Performance

PASG stock opened at $0.70 on Friday. The firm has a 50-day moving average of $0.80 and a two-hundred day moving average of $1.08. Passage Bio, Inc. has a 12 month low of $0.58 and a 12 month high of $1.79. The company has a market cap of $43.15 million, a price-to-earnings ratio of -0.46 and a beta of 1.19.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.05. As a group, equities analysts forecast that Passage Bio, Inc. will post -0.94 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, Rodman & Renshaw began coverage on Passage Bio in a research note on Tuesday, September 3rd. They issued a “buy” rating and a $7.00 price objective for the company.

Institutional Trading of Passage Bio

A number of hedge funds and other institutional investors have recently modified their holdings of PASG. Lynx1 Capital Management LP boosted its position in shares of Passage Bio by 1,178.1% during the 1st quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock valued at $6,542,000 after acquiring an additional 4,466,712 shares during the last quarter. Pale Fire Capital SE increased its position in Passage Bio by 489.1% during the fourth quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock worth $587,000 after purchasing an additional 482,595 shares during the last quarter. Acadian Asset Management LLC raised its stake in Passage Bio by 59.0% during the first quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock worth $1,296,000 after purchasing an additional 356,593 shares during the period. Affinity Asset Advisors LLC acquired a new position in Passage Bio in the 1st quarter valued at about $357,000. Finally, Vanguard Group Inc. grew its stake in shares of 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 buying an additional 52,656 shares during the period. 53.48% of the stock is owned by institutional investors and hedge funds.

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.