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 the business’s 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 transaction, the insider now owns 7,970,900 shares in the company, valued at approximately $5,898,466. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Large shareholders that own more than 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 Price Performance

NASDAQ:PASG opened at $0.70 on Thursday. Passage Bio, Inc. has a 1 year low of $0.58 and a 1 year high of $1.79. The company has a market cap of $43.21 million, a P/E ratio of -0.46 and a beta of 1.19. The stock’s fifty day moving average price is $0.80 and its two-hundred day moving average price is $1.09.

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

Hedge Funds Weigh In On Passage Bio

Several institutional investors have recently modified their holdings of PASG. Pale Fire Capital SE grew its holdings in shares of Passage Bio by 489.1% during the 4th quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock valued at $587,000 after purchasing an additional 482,595 shares during the last quarter. Vanguard Group Inc. lifted 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 acquiring an additional 52,656 shares during the last quarter. Acadian Asset Management LLC boosted its holdings 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 during the period. Lynx1 Capital Management LP grew 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 worth $4,017,000 after acquiring an additional 211,758 shares during the last quarter. Finally, Affinity Asset Advisors LLC purchased a new stake in Passage Bio during the 1st quarter valued at $357,000. 53.48% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

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

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.