Orbimed Advisors Llc Sells 63,100 Shares of Passage Bio, Inc. (NASDAQ:PASG) Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 63,100 shares of Passage Bio stock in a transaction on Monday, September 16th. The stock was sold at an average price of $0.74, for a total transaction of $46,694.00. Following the sale, the insider now owns 7,970,900 shares in the company, valued at $5,898,466. The sale was disclosed in a document filed with the SEC, which is available through this link. Large 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, 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.

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $0.70 on Friday. The firm has a fifty day moving average price of $0.80 and a 200 day moving average price of $1.08. Passage Bio, Inc. has a 1-year low of $0.58 and a 1-year high of $1.79. The stock has a market cap of $43.15 million, a P/E ratio of -0.46 and a beta of 1.19.

Passage Bio (NASDAQ:PASG) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.26) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.05. Sell-side analysts expect that Passage Bio, Inc. will post -0.94 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Lynx1 Capital Management LP lifted its holdings in shares of Passage Bio by 1,178.1% during the first quarter. Lynx1 Capital Management LP now owns 4,845,871 shares of the company’s stock worth $6,542,000 after purchasing an additional 4,466,712 shares during the period. Pale Fire Capital SE raised its position in Passage Bio by 489.1% during the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock worth $587,000 after buying an additional 482,595 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Passage Bio by 59.0% in the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock worth $1,296,000 after acquiring an additional 356,593 shares during the period. Affinity Asset Advisors LLC purchased a new stake in shares of Passage Bio in the first quarter valued at about $357,000. Finally, Vanguard Group Inc. increased its stake in shares of Passage Bio by 2.6% during the first quarter. Vanguard Group Inc. now owns 2,071,538 shares of the company’s stock worth $2,797,000 after acquiring an additional 52,656 shares during the period. Institutional investors and hedge funds own 53.48% of the company’s stock.

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.