Passage Bio (NASDAQ:PASG) Announces Quarterly Earnings Results

Passage Bio (NASDAQ:PASG) released its earnings results on Tuesday. The company reported ($2.36) EPS for the quarter, beating the consensus estimate of ($2.76) by $0.40, FiscalAI reports.

Passage Bio Stock Performance

PASG traded down $0.23 during trading hours on Thursday, reaching $5.30. The company’s stock had a trading volume of 19,269 shares, compared to its average volume of 78,192. Passage Bio has a 52 week low of $3.93 and a 52 week high of $20.00. The company’s 50-day moving average is $7.43 and its 200-day moving average is $9.22. The firm has a market cap of $16.99 million, a PE ratio of -0.37 and a beta of 1.38.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PASG. Quadrature Capital Ltd bought a new stake in shares of Passage Bio in the fourth quarter valued at about $148,000. Squarepoint Ops LLC acquired a new position in shares of Passage Bio in the third quarter valued at about $188,000. Geode Capital Management LLC grew its stake 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 in the last quarter. Yiheng Capital Management L.P. acquired a new position in shares of Passage Bio in the fourth quarter valued at about $405,000. Finally, Renaissance Technologies LLC grew its stake 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 valued at $1,287,000 after acquiring an additional 8,300 shares in the last quarter. 53.48% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

PASG has been the topic of several research reports. TD Cowen cut Passage Bio from a “buy” rating to a “hold” rating in a research note on Tuesday, April 21st. Chardan Capital set a $7.00 price objective on Passage Bio and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. Canaccord Genuity Group dropped their price objective on Passage Bio from $67.00 to $23.00 and set a “buy” rating on the stock in a research note on Wednesday, March 4th. Wedbush reiterated a “neutral” rating and set a $8.00 price objective (down from $32.00) on shares of Passage Bio in a research note on Tuesday, April 21st. Finally, Lucid Cap Mkts cut Passage Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 20th. Two equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $13.25.

Passage Bio Company Profile

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.