Passage Bio (NASDAQ:PASG) Announces Earnings Results

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

Passage Bio Stock Performance

Shares of NASDAQ:PASG opened at $4.40 on Monday. Passage Bio has a 52 week low of $3.29 and a 52 week high of $20.00. The firm has a market cap of $14.12 million, a PE ratio of -0.37 and a beta of 1.44. The firm’s fifty day moving average is $5.04 and its 200-day moving average is $6.98.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PASG shares. Guggenheim downgraded shares of Passage Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 10th. Wedbush reiterated a “neutral” rating and issued a $8.00 price target (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. Weiss Ratings cut Passage Bio from a “sell (d-)” rating to a “sell (e+)” rating in a report on Thursday. Finally, TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $13.25.

Insiders Place Their Bets

In related news, major shareholder Lynx1 Capital Management Lp bought 50,055 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was acquired at an average cost of $4.12 per share, with a total value of $206,226.60. Following the transaction, the insider directly owned 673,759 shares in the company, valued at approximately $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 Securities & Exchange Commission, which is available at the SEC website. 4.90% of the stock is owned by insiders.

Institutional Investors Weigh In On Passage Bio

Institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC boosted 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 valued at $371,000 after purchasing an additional 4,114 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Passage Bio by 8.2% in the fourth quarter. Renaissance Technologies LLC now owns 109,089 shares of the company’s stock worth $1,287,000 after purchasing an additional 8,300 shares in the last quarter. Quadrature Capital Ltd bought a new stake in Passage Bio in the fourth quarter worth approximately $148,000. Squarepoint Ops LLC acquired a new position in Passage Bio in the third quarter valued at approximately $188,000. Finally, Yiheng Capital Management L.P. acquired a new position in Passage Bio in the fourth quarter valued at approximately $405,000. 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.