Insider Selling: Passage Bio, Inc. (NASDAQ:PASG) Major Shareholder Sells 231,600 Shares of Stock

Passage Bio, Inc. (NASDAQ:PASG) major shareholder Orbimed Advisors Llc sold 231,600 shares of the firm’s stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $0.35, for a total transaction of $81,060.00. Following the completion of the transaction, the insider now directly owns 6,418,400 shares in the company, valued at approximately $2,246,440. This represents a 3.48% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Orbimed Advisors Llc also recently made the following trade(s):

• On Thursday, June 26th, Orbimed Advisors Llc sold 213,257 shares of Passage Bio stock. The stock was sold at an average price of $0.33, for a total transaction of $70,374.81.
• On Wednesday, June 25th, Orbimed Advisors Llc sold 138,800 shares of Passage Bio stock. The shares were sold at an average price of $0.33, for a total value of $45,804.00.
• On Thursday, April 24th, Orbimed Advisors Llc sold 68,195 shares of Passage Bio stock. The stock was sold at an average price of $0.32, for a total value of $21,822.40.
• On Tuesday, April 22nd, Orbimed Advisors Llc sold 78,049 shares of Passage Bio stock. The shares were sold at an average price of $0.34, for a total value of $26,536.66.
• On Thursday, April 17th, Orbimed Advisors Llc sold 77,090 shares of Passage Bio stock. The shares were sold at an average price of $0.33, for a total value of $25,439.70.
• On Tuesday, April 15th, Orbimed Advisors Llc sold 10,326 shares of Passage Bio stock. The stock was sold at an average price of $0.38, for a total value of $3,923.88.

Passage Bio Price Performance

NASDAQ:PASG opened at $0.33 on Friday. The firm has a 50-day moving average of $0.37 and a two-hundred day moving average of $0.48. The stock has a market cap of $20.51 million, a P/E ratio of -0.32 and a beta of 1.71. Passage Bio, Inc. has a 1-year low of $0.26 and a 1-year high of $1.33.

Passage Bio (NASDAQ:PASG) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.01). As a group, equities analysts expect that Passage Bio, Inc. will post -1.03 earnings per share for the current year.

Analyst Ratings Changes

Separately, Chardan Capital reiterated a “buy” rating and set a $6.00 price objective on shares of Passage Bio in a research note on Tuesday.

Institutional Investors Weigh In On Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of PASG. Simplex Trading LLC boosted its stake in shares of Passage Bio by 9,311.0% during the 1st quarter. Simplex Trading LLC now owns 82,346 shares of the company’s stock valued at $29,000 after buying an additional 81,471 shares during the last quarter. Tower Research Capital LLC TRC increased its stake in shares of Passage Bio by 983.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock worth $31,000 after buying an additional 49,449 shares during the last quarter. Northern Trust Corp raised its holdings in Passage Bio by 55.1% in the fourth quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock valued at $35,000 after acquiring an additional 22,195 shares in the last quarter. Squarepoint Ops LLC raised its holdings in Passage Bio by 129.5% in the fourth quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock valued at $36,000 after acquiring an additional 36,172 shares in the last quarter. Finally, Jane Street Group LLC boosted its stake in Passage Bio by 537.2% during the 4th quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after acquiring an additional 65,919 shares during the last quarter. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.