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

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

Passage Bio Price Performance

Shares of NASDAQ:PASG opened at $4.40 on Monday. The business’s 50 day simple moving average is $5.04 and its 200 day simple moving average is $6.98. Passage Bio has a 1 year low of $3.29 and a 1 year high of $20.00. The company has a market capitalization of $14.12 million, a P/E ratio of -0.37 and a beta of 1.44.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on PASG shares. Wedbush restated a “neutral” rating and issued a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Weiss Ratings lowered Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. UBS Group cut shares of Passage Bio to a “neutral” rating in a research report on Wednesday, June 10th. Finally, Chardan Capital set a $7.00 price target on shares of Passage Bio and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $13.25.

Insiders Place Their Bets

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was purchased at an average cost of $4.12 per share, for a total transaction of $206,226.60. Following the transaction, the insider owned 673,759 shares in the company, valued at $2,775,887.08. The trade was a 8.03% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 4.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Yiheng Capital Management L.P. acquired a new stake in Passage Bio during the fourth quarter worth about $405,000. Quadrature Capital Ltd acquired a new position in shares of Passage Bio in the 4th quarter valued at approximately $148,000. 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 valued at $1,287,000 after buying an additional 8,300 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Passage Bio by 15.1% during 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 during the period. Finally, Squarepoint Ops LLC acquired a new stake in shares of Passage Bio during the 3rd quarter worth approximately $188,000. Institutional investors own 53.48% of the company’s stock.

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.