Passage Bio (NASDAQ:PASG) Posts Earnings Results, Misses Estimates By $0.17 EPS

Passage Bio (NASDAQ:PASG) announced its quarterly earnings results on Monday. The company reported ($2.44) EPS for the quarter, missing analysts’ consensus estimates of ($2.27) by ($0.17), FiscalAI reports.

Passage Bio Stock Performance

Passage Bio stock traded up $0.27 during mid-day trading on Wednesday, hitting $4.59. The company’s stock had a trading volume of 2,661 shares, compared to its average volume of 76,203. The company has a 50 day moving average of $4.98 and a 200-day moving average of $6.87. Passage Bio has a one year low of $3.29 and a one year high of $20.00. The stock has a market cap of $14.73 million, a PE ratio of -0.41 and a beta of 1.44.

Insider Activity

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the stock in a transaction dated Thursday, June 25th. The stock was purchased at an average cost of $4.12 per share, with a total value of $206,226.60. Following the completion of the purchase, the insider owned 673,759 shares of the company’s stock, valued at $2,775,887.08. This trade represents a 8.03% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 4.90% of the company’s stock.

Institutional Investors Weigh In On Passage Bio

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

Analyst Ratings Changes

Several equities research analysts have recently issued reports on PASG shares. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Oppenheimer decreased their price target on Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a report on Tuesday, April 21st. Guggenheim downgraded Passage Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, June 10th. Wedbush reaffirmed a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Finally, Weiss Ratings cut shares of Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Thursday, August 6th. Two equities 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 MarketBeat.com, Passage Bio has an average rating of “Hold” and an average target price 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.