Passage Bio (NASDAQ:PASG) Issues Earnings Results

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

Passage Bio Stock Down 1.8%

Passage Bio stock opened at $4.32 on Tuesday. The firm has a fifty day simple moving average of $5.01 and a two-hundred day simple moving average of $6.92. Passage Bio has a twelve month low of $3.29 and a twelve month high of $20.00. The company has a market capitalization of $13.87 million, a PE ratio of -0.36 and a beta of 1.44.

Insider Activity at Passage Bio

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

Institutional Trading of Passage Bio

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC grew 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 worth $1,287,000 after purchasing an additional 8,300 shares during the last quarter. Yiheng Capital Management L.P. bought a new stake in Passage Bio in the 4th quarter worth $405,000. Geode Capital Management LLC increased its position in shares of Passage Bio by 15.1% in 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 period. Squarepoint Ops LLC purchased a new position in shares of Passage Bio in the third quarter valued at about $188,000. Finally, Quadrature Capital Ltd bought a new position in shares of Passage Bio during the fourth quarter valued at about $148,000. Institutional investors own 53.48% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on PASG. Guggenheim lowered shares of Passage Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, June 10th. Chardan Capital set a $7.00 price objective on Passage Bio and gave the stock a “neutral” rating in a research report on Tuesday, April 21st. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research report on Tuesday, April 21st. Wedbush reaffirmed a “neutral” rating and issued a $8.00 price target (down from $32.00) on shares of Passage Bio in a report on Tuesday, April 21st. Finally, Lucid Cap Mkts lowered Passage Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target 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.