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OrbiMed Advisors LLC, a ten percent owner of Passage BIO, Inc. (NASDAQ:PASG), has reported the sale of a significant portion of its holdings in the company. According to a recent SEC filing, OrbiMed Advisors sold a total of 223,219 shares over three separate transactions on January 10, 13, and 14, 2025. The sales were executed at a price range of $0.60 to $0.66 per share, totaling approximately $142,223. The transactions come as the stock has declined about 9% over the past week, though InvestingPro analysis suggests the company is currently trading below its Fair Value.
Following these transactions, OrbiMed Advisors now holds 7,034,626 shares of Passage BIO, a biotechnology firm based in Philadelphia with a market capitalization of approximately $37 million. The shares are held indirectly through OrbiMed Private Investments VII, LP, with OrbiMed Capital GP VII LLC acting as the general partner. Both OrbiMed Advisors and OrbiMed Capital GP VII LLC have disclaimed beneficial ownership of the securities, except to the extent of any pecuniary interest. InvestingPro subscribers can access 11 additional investment tips and detailed financial metrics for PASG.
In other recent news, Passage Bio, Inc. has reported significant advances in gene therapy for dementia. The company's lead product candidate, PBFT02, showed promise in preclinical and interim clinical data for treating frontotemporal dementia with GRN mutations. The therapy led to consistent, durable increases in CSF progranulin levels, sustained up to 12 months post-administration.
Passage Bio has also reported an estimated impairment cost between $3.5 million and $5.5 million, in line with its recent sublease agreement and corporate restructuring efforts. The company has out-licensed treatments for GM1 gangliosidosis, Krabbe disease, and metachromatic leukodystrophy to GEMMA Biotherapeutics, Inc., in a deal that includes an upfront payment of $10 million and potential additional payments tied to business milestones.
Analysts at Canaccord Genuity maintained a Buy rating for Passage Bio, based on positive interim data from the upliFT-D Phase 1/2 study. However, Passage Bio is currently evaluating options to regain compliance with Nasdaq's listing requirements, following a potential delisting notice.
In addition, the company has appointed Thomas Kassberg as a Class I director and member of the Audit Committee, and has received approval from the U.S. Food and Drug Administration to evaluate its gene therapy treatment, PBFT02, for frontotemporal dementia patients with C9orf72 gene mutations. These are the recent developments in Passage Bio's ongoing efforts.
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