Form 4: OrbiMed Advisors Reduces Stake in Passage Bio, Inc.

OrbiMed Advisors LLC reports the sale of Passage Bio, Inc. common stock over three days, reducing its beneficial ownership.

Summary

• OrbiMed Advisors LLC, along with related entities, reported the sale of Passage Bio, Inc. (PASG) common stock.
• The sales occurred over three days: April 15, 2025, April 16, 2025, and April 17, 2025.
• On April 15, 2025, 10,326 shares were sold at a price of $0.38 per share.
• On April 16, 2025, 61,638 shares were sold at a price of $0.33 per share.
• On April 17, 2025, 77,090 shares were sold at a price of $0.33 per share.
• Following these transactions, OrbiMed Advisors' indirect beneficial ownership of Passage Bio common stock decreased to 6,885,572 shares.
• The shares are held of record by OrbiMed Private Investments VII, LP (OPI VII), with OrbiMed Capital GP VII LLC (GP VII) as the general partner and OrbiMed Advisors LLC as the managing member of GP VII.
• OrbiMed Advisors, GP VII, and their management committee members (Carl L. Gordon, Sven H. Borho, and W. Carter Neild) disclaim beneficial ownership except to the extent of their pecuniary interest.

Sentiment

Score: 4

Explanation: The sentiment is slightly negative due to the reduction in OrbiMed's stake, which could signal a lack of confidence in the company's future prospects. However, the filing is a routine disclosure, and the impact may be limited.

Negatives

• OrbiMed Advisors reduced its stake in Passage Bio, which could be interpreted negatively by the market.

Risks

• Continued selling pressure from major shareholders like OrbiMed could further depress the stock price.
• The disclaimer of beneficial ownership by OrbiMed Advisors and related parties, except for pecuniary interest, could indicate a lack of long-term commitment.

Industry Context

Form 4 filings are standard disclosures for significant shareholders and provide transparency into insider trading activities. The information is relevant to investors tracking ownership changes in Passage Bio and assessing investor sentiment.

Stakeholder Impact

• Shareholders may react negatively to the news of a major shareholder reducing their position.
• The company's stock price could be negatively impacted by the sales.

Key Dates

Keywords

OrbiMed Advisors, Passage Bio, PASG, stock sale, beneficial ownership, Form 4, OPI VII, GP VII