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OrbiMed Advisors LLC, a significant shareholder in Passage BIO, Inc. (NASDAQ:PASG), has reported the sale of a substantial number of shares, according to a recent SEC filing. The transactions, executed over three days, totaled 146,024 shares of the biotech company, which currently has a market capitalization of $39.69 million. According to InvestingPro data, PASG stock has shown significant volatility, gaining over 23% in the past week.
On January 6, OrbiMed sold 19,481 shares at a weighted average price of $0.77 per share. The following day, an additional 52,536 shares were sold at an average price of $0.71 per share. The final transaction took place on January 8, with 75,007 shares sold at an average price of $0.68 per share. The sales generated a total of $103,305, with prices ranging from $0.68 to $0.77 per share. The stock currently trades at $0.66, and analysis from InvestingPro suggests the stock may be undervalued at current levels.
After these transactions, OrbiMed Advisors holds 7,257,845 shares of Passage BIO. The shares are indirectly owned through OrbiMed Private Investments VII, LP, with OrbiMed Capital GP VII LLC acting as the general partner and OrbiMed Advisors as the managing member. InvestingPro analysis reveals the company maintains a strong liquidity position with more cash than debt on its balance sheet, though it's currently experiencing rapid cash burn. Subscribers can access 8 additional key insights about PASG's financial health.
In other recent news, Passage Bio, Inc. presented promising preclinical and interim clinical data for its gene therapy product, PBFT02, designed to treat frontotemporal dementia with GRN mutations. The therapy achieved higher levels of human progranulin in the cerebrospinal fluid and improved lysosomal histopathology while reducing neuroinflammation. Furthermore, the company reported an estimated impairment cost between $3.5 million and $5.5 million due to a recent sublease agreement and corporate restructuring efforts.
Passage Bio also out-licensed treatments for certain diseases to GEMMA Biotherapeutics, Inc., including an upfront payment of $10 million and potential additional payments linked 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, the company is currently evaluating options to regain compliance with Nasdaq's listing requirements, following a potential delisting notice.
In addition to these developments, Passage Bio appointed Thomas Kassberg as a Class I director and member of the Audit Committee. Lastly, the company 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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