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 stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $0.73, for a total transaction of $18,710.63. Following the sale, the insider now directly owns 7,833,869 shares of the company’s stock, valued at $5,718,724.37. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Major 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 shares were sold at an average price of $0.74, for a total transaction of $46,694.00.

Passage Bio Stock Down 3.6 %

Shares of PASG stock traded down $0.03 during trading hours on Wednesday, reaching $0.70. 143,913 shares of the stock traded hands, compared to its average volume of 270,009. Passage Bio, Inc. has a 1-year low of $0.58 and a 1-year high of $1.79. The business has a fifty day moving average price of $0.80 and a 200 day moving average price of $1.09. The firm has a market capitalization of $43.21 million, a PE ratio of -0.46 and a beta of 1.19.

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

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 target on the stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake 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 buying an additional 52,656 shares during the period. Lynx1 Capital Management LP grew its position in Passage Bio by 4.4% in the second 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 in the last quarter. Affinity Asset Advisors LLC bought a new stake in Passage Bio in the first quarter worth approximately $357,000. Acadian Asset Management LLC grew its position in Passage Bio by 59.0% in the first 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 in the last quarter. Finally, Pale Fire Capital SE grew its position in Passage Bio by 489.1% in the fourth quarter. Pale Fire Capital SE now owns 581,257 shares of the company’s stock worth $587,000 after acquiring an additional 482,595 shares in the last quarter. 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.