Passage BIO, Inc.

Signal Note: OrbiMed Exit from Passage Bio (PASG)

OrbiMed's full exit of 59K shares suggests diminished conviction in Passage's pipeline, likely driven by setbacks in its core aging/longevity programs (particularly REPAIR-AD for Alzheimer's disease) or cash burn concerns. With limited public visibility on near-term clinical catalysts and potential runway pressure, the exit may signal concern about either trial trajectory or dilutive financing risk ahead.

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