Passage Bio (NASDAQ:PASG) Posts Earnings Results, Misses Expectations By $1.90 EPS

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

Passage Bio Stock Up 5.5%

Shares of NASDAQ:PASG opened at $8.44 on Thursday. The company has a market cap of $26.84 million, a PE ratio of -0.58 and a beta of 1.75. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $20.00. The firm has a 50-day simple moving average of $11.55 and a 200 day simple moving average of $9.29.

Wall Street Analyst Weigh In

PASG has been the topic of a number of research analyst reports. Canaccord Genuity Group reduced their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Passage Bio in a research report on Monday, December 29th. Finally, Chardan Capital started coverage on Passage Bio in a research note on Tuesday, February 10th. They issued a “buy” rating and a $21.00 price target for the company. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $28.00.

Insider Buying and Selling

In other Passage Bio news, CEO William Chou sold 4,076 shares of Passage Bio stock in a transaction that occurred 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 completion of the transaction, the chief executive officer directly owned 6,524 shares in the company, valued at $120,302.56. The trade was a 38.45% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 5.00% of the stock is currently owned by insiders.

Institutional Trading of Passage Bio

Several hedge funds have recently made changes to their positions in PASG. Quadrature Capital Ltd acquired a new position in shares of Passage Bio during the fourth quarter valued at $148,000. Squarepoint Ops LLC acquired a new position in Passage Bio during the 3rd quarter valued at about $188,000. Geode Capital Management LLC raised its position 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 buying an additional 4,114 shares in the last quarter. Yiheng Capital Management L.P. acquired a new stake in shares of Passage Bio in the 4th quarter worth approximately $405,000. Finally, Renaissance Technologies LLC boosted 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. 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.