Passage Bio (NASDAQ:PASG) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Passage Bio (NASDAQ:PASG) released its quarterly earnings results on Tuesday. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01, Zacks reports.

Passage Bio Stock Performance

NASDAQ PASG opened at $0.43 on Wednesday. The stock has a market capitalization of $26.28 million, a P/E ratio of -0.36 and a beta of 1.55. Passage Bio has a 52 week low of $0.38 and a 52 week high of $1.79. The stock has a fifty day moving average of $0.59 and a 200-day moving average of $0.65.

Insider Activity

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 54,181 shares of the business’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $0.84, for a total transaction of $45,512.04. Following the completion of the sale, the insider now directly owns 7,643,285 shares of the company’s stock, valued at approximately $6,420,359.40. The trade was a 0.70 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, major shareholder Lynx1 Capital Management Lp bought 373,645 shares of Passage Bio stock in a transaction dated Friday, December 27th. The stock was acquired at an average cost of $0.65 per share, for a total transaction of $242,869.25. Following the purchase, the insider now directly owns 9,256,953 shares in the company, valued at approximately $6,017,019.45. The trade was a 4.21 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 544,168 shares of company stock valued at $361,723 over the last 90 days. 4.30% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th. Wedbush initiated coverage on shares of Passage Bio in a research report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target on the stock. Finally, Chardan Capital decreased their price objective on shares of Passage Bio from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday.

About Passage Bio

Passage Bio, Inc, a genetic medicines company, develops gene therapies for central nervous system diseases. It develops PBGM01, a functional GLB1 gene encoding ß-galactosidase for infantile GM1; PBFT02, a functional granulin (GRN) and gene encoding progranulin (PGRN) for the treatment of FTD caused by progranulin deficiency; and PBKR03, a functional GALC gene encoding the hydrolytic enzyme galactosylceramidase for infantile Krabbe disease.