Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 63,100 Shares of 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 shares were sold at an average price of $0.74, for a total transaction of $46,694.00. Following the completion of the sale, the insider now owns 7,970,900 shares of the company’s stock, valued at approximately $5,898,466. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own at least 10% 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, 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 transaction of $18,710.63.

Passage Bio Stock Performance

NASDAQ PASG opened at $0.68 on Friday. Passage Bio, Inc. has a 52 week low of $0.58 and a 52 week high of $1.79. The business has a 50 day moving average price of $0.80 and a 200-day moving average price of $1.08.

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

Institutional Trading of Passage Bio

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in PASG. Affinity Asset Advisors LLC bought a new position in shares of Passage Bio in the first quarter valued at approximately $357,000. Pale Fire Capital SE raised its position in Passage Bio by 489.1% in the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock valued at $587,000 after buying an additional 482,595 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Passage Bio by 59.0% during the 1st quarter. Acadian Asset Management LLC now owns 961,271 shares of the company’s stock valued at $1,296,000 after acquiring an additional 356,593 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Passage Bio by 2.6% during the 1st 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 last quarter. Finally, Lynx1 Capital Management LP boosted its holdings in 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 worth $6,542,000 after acquiring an additional 4,466,712 shares during the last quarter. 53.48% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Rodman & Renshaw began coverage on shares of Passage Bio in a report on Tuesday, September 3rd. They set a “buy” rating and a $7.00 price objective on the 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.