Orbimed Advisors Llc Sells 25,631 Shares of Passage Bio, Inc. (NASDAQ:PASG) Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 25,631 shares of the business’s stock in a transaction 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 transaction, 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 Securities & Exchange Commission, which is available through the SEC website. 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 shares were sold at an average price of $0.74, for a total value of $46,694.00.

Passage Bio Price Performance

NASDAQ:PASG opened at $0.70 on Friday. The company has a 50 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 firm 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 released its quarterly earnings data 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, sell-side analysts anticipate that Passage Bio, Inc. will post -0.94 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Passage Bio

A number of large investors have recently bought and sold shares of the business. Lynx1 Capital Management LP grew its holdings 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 valued at $4,017,000 after purchasing an additional 211,758 shares during the period. Affinity Asset Advisors LLC acquired a new position in shares of Passage Bio during the 1st quarter worth approximately $357,000. Acadian Asset Management LLC lifted its position in shares of 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 buying an additional 356,593 shares in the last quarter. Vanguard Group Inc. grew 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 acquiring an additional 52,656 shares during the period. Finally, Pale Fire Capital SE increased its holdings in Passage Bio by 489.1% in the 4th 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.

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.