Passage Bio (NASDAQ:PASG) Issues Earnings Results, Misses Expectations By $0.17 EPS

Passage Bio (NASDAQ:PASG) announced its quarterly earnings results on Monday. The company reported ($2.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.17), FiscalAI reports.

Passage Bio Price Performance

Shares of PASG stock opened at $4.40 on Monday. Passage Bio has a 12 month low of $3.29 and a 12 month high of $20.00. The firm has a market capitalization of $14.12 million, a P/E ratio of -0.37 and a beta of 1.44. The company’s fifty day moving average price is $5.04 and its two-hundred day moving average price is $6.98.

Analysts Set New Price Targets

A number of brokerages have commented on PASG. Wall Street Zen upgraded Passage Bio from a “sell” rating to a “hold” rating in a research note on Saturday, August 1st. Weiss Ratings lowered Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday. Chardan Capital set a $7.00 target price on Passage Bio and gave the company a “neutral” rating in a report on Tuesday, April 21st. Oppenheimer reduced their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Finally, TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $13.25.

Insiders Place Their Bets

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the stock in a transaction dated Thursday, June 25th. The stock was bought at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the completion of the purchase, the insider directly owned 673,759 shares of the company’s stock, valued at approximately $2,775,887.08. The trade was a 8.03% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 4.90% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd acquired a new stake in Passage Bio during the 4th quarter valued at approximately $148,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio in the 3rd quarter valued at approximately $188,000. Geode Capital Management LLC raised its position in shares of Passage Bio by 15.1% in the 4th quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after purchasing an additional 4,114 shares in the last quarter. Yiheng Capital Management L.P. acquired a new position in shares of Passage Bio in the 4th quarter valued at approximately $405,000. Finally, Renaissance Technologies LLC boosted its stake in shares of Passage Bio by 8.2% during the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock valued at $1,287,000 after buying an additional 8,300 shares during the last quarter. Institutional investors and hedge funds own 53.48% of the company’s stock.

About Passage Bio

Passage Bio is a clinical-stage biotechnology company focused on the development of gene therapies to treat rare, monogenic central nervous system and neuromuscular disorders. The company applies its in-house gene therapy platform to design and engineer adeno-associated virus (AAV)–based vectors that restore or replace defective genes, aiming to deliver durable treatments with a single administration.

The company’s lead programs include PBGM01, an AAV9-based therapy for GM2 gangliosidoses (Tay–Sachs and Sandhoff diseases), which is conducting a first-in-human study to assess safety and potential therapeutic benefit.