Passage Bio (NASDAQ:PASG) Posts Quarterly Earnings Results, Beats Estimates By $0.34 EPS

Passage Bio (NASDAQ:PASG) posted its quarterly earnings data on Tuesday. The company reported ($2.36) EPS for the quarter, topping the consensus estimate of ($2.70) by $0.34, FiscalAI reports.

Passage Bio Stock Up 9.6%

NASDAQ PASG traded up $0.42 during trading on Tuesday, hitting $4.82. 105,624 shares of the stock traded hands, compared to its average volume of 78,021. The company has a market capitalization of $15.49 million, a P/E ratio of -0.33 and a beta of 1.38. The firm has a 50-day simple moving average of $7.57 and a 200-day simple moving average of $9.26. Passage Bio has a 12-month low of $3.93 and a 12-month high of $20.00.

Analyst Ratings Changes

Several research firms have recently commented on PASG. Wedbush reaffirmed 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. Oppenheimer decreased their price objective on Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 21st. Chardan Capital set a $7.00 price objective on Passage Bio and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. Wall Street Zen raised Passage Bio from a “strong sell” rating to a “sell” rating in a research note on Sunday, May 3rd. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Passage Bio in a research note on Friday, March 27th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $13.25.

Hedge Funds Weigh In On Passage Bio

Institutional investors have recently added to or reduced their stakes in the company. Quadrature Capital Ltd purchased a new position in Passage Bio during the 4th quarter valued at approximately $148,000. Squarepoint Ops LLC purchased a new position in shares of Passage Bio in the 3rd quarter worth approximately $188,000. Geode Capital Management LLC lifted its stake 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 last quarter. Yiheng Capital Management L.P. bought a new stake in shares of Passage Bio during the 4th quarter worth approximately $405,000. Finally, Renaissance Technologies LLC lifted 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 worth $1,287,000 after acquiring an additional 8,300 shares during the last quarter. Hedge funds and other institutional investors 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.