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

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

Passage Bio Stock Up 10.5 %

Passage Bio stock opened at $0.47 on Thursday. The company has a 50 day moving average of $0.59 and a 200-day moving average of $0.64. Passage Bio has a twelve month low of $0.38 and a twelve month high of $1.79. The stock has a market capitalization of $29.04 million, a PE ratio of -0.40 and a beta of 1.55.

Analyst Ratings Changes

PASG has been the subject of a number of recent analyst reports. Chardan Capital lowered their price target on Passage Bio from $7.00 to $6.00 and set a “buy” rating for the company in a research note on Tuesday. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a research note on Thursday, November 14th. Finally, Wedbush initiated coverage on shares of Passage Bio in a report on Friday, November 29th. They issued an “outperform” rating and a $4.00 price target for the company.

Insider Buying and Selling

In other Passage Bio news, major shareholder Orbimed Advisors Llc sold 54,181 shares of the 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 transaction, the insider now owns 7,643,285 shares in the company, valued at approximately $6,420,359.40. This represents a 0.70 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Lynx1 Capital Management Lp purchased 373,645 shares of the company’s stock in a transaction on Friday, December 27th. The stock was purchased 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. This trade represents a 4.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold a total of 544,168 shares of company stock worth $361,723 over the last ninety days. 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.