Passage Bio (NASDAQ:PASG) Releases Earnings Results, Beats Expectations By $0.34 EPS

Passage Bio (NASDAQ:PASG) issued its quarterly earnings results on Tuesday. The company reported ($2.36) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.70) by $0.34, FiscalAI reports.

Passage Bio Trading Up 9.6%

Shares of PASG traded up $0.42 during trading hours on Tuesday, hitting $4.82. The company had a trading volume of 105,624 shares, compared to its average volume of 78,021. The company has a market capitalization of $15.49 million, a PE ratio of -0.33 and a beta of 1.38. Passage Bio has a one year low of $3.93 and a one year high of $20.00. The company’s fifty day moving average price is $7.57 and its two-hundred day moving average price is $9.26.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Quadrature Capital Ltd bought a new position in shares of Passage Bio in the 4th quarter worth $148,000. Squarepoint Ops LLC bought a new position in shares of Passage Bio in the 3rd quarter worth $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 worth $371,000 after acquiring an additional 4,114 shares in the last quarter. Yiheng Capital Management L.P. bought a new position in shares of Passage Bio in the 4th quarter worth $405,000. Finally, Renaissance Technologies LLC raised its position in shares of Passage Bio by 8.2% in the 4th quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after acquiring an additional 8,300 shares in the last quarter. 53.48% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on PASG. Oppenheimer decreased their target price on Passage Bio from $30.00 to $15.00 and set an “outperform” rating for the company in a research report on Tuesday, April 21st. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Chardan Capital set a $7.00 target price on Passage Bio and gave the company a “neutral” rating in a research report on Tuesday, April 21st. Wedbush reaffirmed a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Finally, Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $13.25.

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.