Passage Bio (NASDAQ:PASG) Announces Earnings Results

Passage Bio (NASDAQ:PASG) released its earnings results on Tuesday. The company reported ($4.08) earnings per share for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.89), Zacks reports.

Passage Bio Stock Up 3.4%

Shares of NASDAQ:PASG opened at $8.40 on Friday. The firm has a 50 day moving average of $11.44 and a 200 day moving average of $9.31. The company has a market capitalization of $26.96 million, a price-to-earnings ratio of -0.58 and a beta of 1.75. Passage Bio has a 52 week low of $5.12 and a 52 week high of $20.00.

Insider Transactions at Passage Bio

In other news, CEO William Chou sold 4,076 shares of Passage Bio stock in a transaction on Thursday, January 8th. The stock was sold at an average price of $18.44, for a total value of $75,161.44. Following the transaction, the chief executive officer directly owned 6,524 shares in the company, valued at approximately $120,302.56. This trade represents a 38.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 5.00% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

A number of hedge funds have recently made changes to their positions in PASG. Yiheng Capital Management L.P. purchased a new position in Passage Bio in the fourth quarter valued at about $405,000. Renaissance Technologies LLC raised its holdings in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after buying an additional 4,114 shares during the last quarter. Squarepoint Ops LLC purchased a new stake in shares of Passage Bio during the third quarter valued at about $188,000. Finally, Quadrature Capital Ltd bought a new stake in shares of Passage Bio in the 4th quarter valued at about $148,000. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PASG has been the topic of a number of research analyst reports. Chardan Capital initiated coverage on shares of Passage Bio in a report on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price target on the stock. Canaccord Genuity Group decreased their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded shares of Passage Bio from a “hold” rating to a “sell” rating in a research note on Saturday. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Passage Bio currently has an average rating of “Moderate Buy” and a consensus target price of $28.00.

Passage Bio Company Profile

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.