Passage Bio (NASDAQ:PASG) Posts Earnings Results, Misses Expectations By $0.21 EPS

Passage Bio (NASDAQ:PASG) issued its quarterly earnings data on Tuesday. The company reported ($2.36) EPS for the quarter, missing analysts’ consensus estimates of ($2.15) by ($0.21), FiscalAI reports.

Passage Bio Stock Up 0.4%

Shares of PASG stock traded up $0.02 during mid-day trading on Wednesday, reaching $5.05. 2,031 shares of the stock traded hands, compared to its average volume of 77,796. The company has a market cap of $16.21 million, a price-to-earnings ratio of -0.35 and a beta of 1.38. The stock’s fifty day simple moving average is $7.49 and its two-hundred day simple moving average is $9.23. Passage Bio has a 1-year low of $3.93 and a 1-year high of $20.00.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Wedbush restated a “neutral” rating and set a $8.00 target price (down from $32.00) on shares of Passage Bio in a research report on Tuesday, April 21st. Weiss Ratings restated a “sell (d-)” rating on shares of Passage Bio in a research report on Friday, March 27th. Canaccord Genuity Group lowered their price objective on shares of Passage Bio from $67.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday, March 4th. Chardan Capital set a $7.00 price objective on shares of Passage Bio and gave the company a “neutral” rating in a research note on Tuesday, April 21st. Finally, Oppenheimer cut their target price on shares of Passage Bio from $30.00 to $15.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 21st. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, Passage Bio presently has an average rating of “Hold” and an average price target of $13.25.

Institutional Investors Weigh In On Passage Bio

Hedge funds have recently added to or reduced their stakes in the business. Quadrature Capital Ltd bought a new stake in Passage Bio during the 4th quarter worth approximately $148,000. Squarepoint Ops LLC bought a new position in shares of Passage Bio during the third quarter valued at $188,000. Geode Capital Management LLC raised its stake in shares of Passage Bio by 15.1% during the fourth quarter. Geode Capital Management LLC now owns 31,397 shares of the company’s stock valued at $371,000 after acquiring an additional 4,114 shares during the last quarter. Yiheng Capital Management L.P. acquired a new position in shares of Passage Bio during the fourth quarter worth $405,000. Finally, Renaissance Technologies LLC lifted its holdings in shares of Passage Bio by 8.2% during 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 during the period. 53.48% of the stock is currently owned by institutional investors and hedge funds.

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.