Passage Bio (NASDAQ:PASG) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

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

Passage Bio Trading Down 7.3 %

Shares of NASDAQ PASG opened at $0.48 on Tuesday. Passage Bio has a 12-month low of $0.45 and a 12-month high of $1.79. The firm has a market capitalization of $29.65 million, a price-to-earnings ratio of -0.41 and a beta of 1.54. The firm has a 50 day moving average of $0.60 and a 200 day moving average of $0.65.

Analyst Ratings Changes

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

Insiders Place Their Bets

In related news, major shareholder Orbimed Advisors Llc sold 126,209 shares of Passage Bio stock in a transaction on Friday, January 10th. The stock was sold at an average price of $0.66, for a total transaction of $83,297.94. Following the transaction, the insider now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder Lynx1 Capital Management Lp purchased 373,645 shares of Passage Bio stock in a transaction on Friday, December 27th. The stock was bought at an average price 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 approximately $6,017,019.45. This represents a 4.21 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 620,368 shares of company stock worth $421,921. Company insiders own 4.30% of the company’s stock.

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.