Passage Bio (NASDAQ:PASG) Announces Quarterly Earnings Results

Passage Bio (NASDAQ:PASG) released its earnings results on Tuesday. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.21) by $0.01, Zacks reports.

Passage Bio Stock Down 7.3 %

PASG stock opened at $0.48 on Tuesday. The business has a 50 day moving average price of $0.60 and a 200 day moving average price of $0.65. The stock has a market cap of $29.65 million, a price-to-earnings ratio of -0.41 and a beta of 1.54. Passage Bio has a fifty-two week low of $0.45 and a fifty-two week high of $1.79.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on PASG. Wedbush began coverage on Passage Bio in a research report on Friday, November 29th. They issued an “outperform” rating and a $4.00 target price for the company. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Passage Bio in a research report on Thursday, November 14th.

Insider Buying and Selling

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 126,209 shares of the business’s stock in a transaction that occurred on Friday, January 10th. The stock was sold at an average price of $0.66, for a total value of $83,297.94. Following the completion of the sale, the insider now owns 7,131,636 shares in the company, valued at approximately $4,706,879.76. The trade was a 1.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Lynx1 Capital Management Lp purchased 373,645 shares of the business’s stock in a transaction dated Friday, December 27th. The shares were bought at an average price of $0.65 per share, with a total value of $242,869.25. Following the purchase, the insider now directly owns 9,256,953 shares of the company’s stock, valued at approximately $6,017,019.45. The trade was a 4.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 620,368 shares of company stock worth $421,921 over the last 90 days. 4.30% of the stock is owned by insiders.

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.