Passage Bio (NASDAQ:PASG) Issues Earnings Results

Passage Bio (NASDAQ:PASG) announced its quarterly earnings data on Tuesday. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.21) by $0.01, Zacks reports.

Passage Bio Stock Down 7.3 %

NASDAQ PASG opened at $0.48 on Tuesday. Passage Bio has a 52 week low of $0.45 and a 52 week high of $1.79. The business’s fifty day simple moving average is $0.60 and its 200-day simple moving average is $0.65. The firm has a market cap of $29.65 million, a PE ratio of -0.41 and a beta of 1.54.

Insider Transactions at Passage Bio

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

Analysts Set New Price Targets

PASG has been the topic of a number of research reports. Chardan Capital restated a “buy” rating and issued a $7.00 price objective on shares of Passage Bio in a report on Thursday, November 14th. Canaccord Genuity Group restated a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a report on Thursday, November 14th. Finally, Wedbush started coverage on Passage Bio in a report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target on the stock.

Passage Bio Company Profile

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.