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OrbiMed Advisors LLC, a significant stakeholder in Passage BIO, Inc. (NASDAQ:PASG), has reported the sale of shares in the biotechnology company. According to a recent SEC filing, OrbiMed Advisors sold a total of 149,054 shares over three consecutive days. The sale comes as the stock has experienced significant volatility, with InvestingPro data showing a 74% decline over the past year, though analysis suggests the stock may be undervalued at current levels.
The transactions occurred between April 15 and April 17, with shares sold at prices ranging from $0.33 to $0.38 per share. The total value of these transactions amounted to $49,704. The company, currently valued at $20.48 million, maintains a strong liquidity position with a current ratio of 4.07, indicating robust short-term financial health.
Following these sales, OrbiMed Advisors continues to hold a substantial position in Passage BIO, with 6,885,572 shares remaining. This activity highlights the ongoing portfolio management strategies of OrbiMed Advisors, a prominent investment firm in the life sciences sector. InvestingPro subscribers can access 10+ additional investment tips and comprehensive financial metrics to better understand the company’s position and potential.
In other recent news, Passage Bio Inc . reported its fourth quarter and full-year 2024 financial results, revealing a decrease in cash, cash equivalents, and marketable securities to $76.8 million from $84.8 million at the end of the third quarter. Chardan Capital Markets responded by lowering its price target for Passage Bio shares to $6.00 from $7.00, although it maintained a Buy rating on the stock. Passage Bio announced strategic changes, including the completion of a suspension-based process and plans to outsource analytical testing, leading to a workforce reduction of about 55%. These measures are expected to extend the company’s financial runway into the first quarter of 2027. Additionally, Passage Bio transitioned its stock listing from The Nasdaq Global Select Market to The Nasdaq Capital Market due to its share price falling below the $1.00 minimum bid price requirement. The company has been granted an additional 180 days, until July 28, 2025, to regain compliance by meeting the minimum bid price requirement. Passage Bio is considering options, including a reverse stock split, to address this issue. The company also highlighted that updated data from its phase I/II upliFT-D trial for PBFT02 is expected in the second half of 2025.
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