Passage Bio (NASDAQ:PASG) Releases Quarterly Earnings Results, Beats Expectations By $0.20 EPS

Passage Bio (NASDAQ:PASG) issued its quarterly earnings data on Monday. The company reported ($2.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.64) by $0.20, Zacks reports.

Passage Bio Trading Up 6.7%

PASG stock traded up $0.42 during midday trading on Monday, hitting $6.70. The stock had a trading volume of 24,851 shares, compared to its average volume of 29,844. The firm has a market cap of $21.31 million, a P/E ratio of -0.37 and a beta of 1.94. The business has a fifty day moving average price of $7.59 and a two-hundred day moving average price of $7.28. Passage Bio has a 1-year low of $5.12 and a 1-year high of $26.60.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Wedbush boosted their price target on Passage Bio to $40.00 and gave the stock an “outperform” rating in a report on Wednesday, August 13th. Wall Street Zen raised shares of Passage Bio to a “hold” rating in a report on Friday, September 5th. Canaccord Genuity Group decreased their price target on shares of Passage Bio from $260.00 to $67.00 and set a “buy” rating for the company in a research report on Thursday, August 14th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Passage Bio in a report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $75.67.

Insider Buying and Selling at Passage Bio

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp acquired 19,783 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were bought at an average cost of $6.99 per share, with a total value of $138,283.17. Following the purchase, the insider directly owned 611,804 shares of the company’s stock, valued at $4,276,509.96. This trade represents a 3.34% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders bought 32,008 shares of company stock valued at $223,726. Company insiders own 4.30% of the company’s 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.