Passage Bio (NASDAQ:PASG) Releases Quarterly Earnings Results

Passage Bio (NASDAQ:PASG) issued its quarterly earnings results on Tuesday. The company reported ($4.09) EPS for the quarter, missing analysts’ consensus estimates of ($2.19) by ($1.90), FiscalAI reports.

Passage Bio Stock Down 8.9%

Shares of PASG opened at $8.00 on Wednesday. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $20.00. The company’s fifty day moving average is $11.60 and its two-hundred day moving average is $9.30. The firm has a market cap of $25.44 million, a PE ratio of -0.56 and a beta of 1.75.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Chardan Capital assumed coverage on shares of Passage Bio in a research note on Tuesday, February 10th. They issued a “buy” rating and a $21.00 target price for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Insider Buying and Selling at Passage Bio

In related 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 owned 6,524 shares in the company, valued at approximately $120,302.56. This trade represents a 38.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 4.30% of the company’s stock.

Hedge Funds Weigh In On Passage Bio

Large investors have recently modified their holdings of the company. Quadrature Capital Ltd acquired a new position in shares of Passage Bio in the 4th quarter valued at about $148,000. Squarepoint Ops LLC purchased a new position in Passage Bio in the third quarter valued at approximately $188,000. Geode Capital Management LLC lifted its position in 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 in the last quarter. Yiheng Capital Management L.P. acquired a new position in Passage Bio during the fourth quarter valued at approximately $405,000. Finally, Renaissance Technologies LLC grew its stake in Passage Bio by 8.2% during the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after buying an additional 8,300 shares during the period. 53.48% of the stock is currently owned by hedge funds and other institutional investors.

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.