OrbiMed Advisors LLC, a significant shareholder in Passage BIO, Inc. (NASDAQ:PASG), recently sold a portion of its holdings in the company. According to a filing with the Securities and Exchange Commission, OrbiMed Advisors divested a total of 62,276 shares of Passage BIO's common stock over several transactions from December 9 to December 11. The shares were sold at prices ranging from $0.80 to $0.84, amounting to a total value of $51,988. The transaction occurred as the stock trades near $0.76, with a market capitalization of approximately $48 million. InvestingPro data shows the company holds more cash than debt on its balance sheet, maintaining a healthy current ratio of 5.15.
Following these transactions, OrbiMed Advisors retains ownership of 7,635,190 shares in Passage BIO. The sales were conducted indirectly through OrbiMed Private Investments VII, LP, with OrbiMed Advisors and OrbiMed Capital GP VII LLC having voting and investment power over the shares. The transactions were executed by Carl L. Gordon, a member of OrbiMed Advisors. Despite recent market volatility, the stock has shown resilience with a 23% return over the past year. For more detailed insights and additional ProTips about Passage BIO's financial health, visit InvestingPro.
In other recent news, Passage Bio, Inc. has reported promising advances in gene therapy for dementia. The company's lead product candidate, PBFT02, demonstrated encouraging preclinical and interim clinical data, showing potential as a treatment for frontotemporal dementia with GRN mutations. This progress has been supported by Canaccord Genuity, which maintained a Buy rating for Passage Bio based on the positive interim data from the upliFT-D Phase 1/2 study.
In addition to these developments, Passage Bio has reported an estimated impairment cost between $3.5 million and $5.5 million, aligning with its recent sublease agreement and corporate restructuring efforts. The company has also out-licensed treatments for GM1 gangliosidosis, Krabbe disease, and metachromatic leukodystrophy to GEMMA Biotherapeutics, Inc., a deal that includes an upfront payment of $10 million and potential additional payments tied to business milestones.
In a strategic move, Passage Bio has appointed Thomas Kassberg as a Class I director and member of the Audit Committee, a decision that leverages Kassberg's extensive background in biotechnology. Furthermore, the company 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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