Passage Bio (NASDAQ:PASG) Announces Earnings Results, Beats Estimates By $0.20 EPS

by · The Markets Daily

Passage Bio (NASDAQ:PASG – Get Free Report) released its quarterly earnings results on Monday. The company reported ($2.44) earnings per share for the quarter, beating the consensus estimate of ($2.64) by $0.20, Zacks reports.

Passage Bio Stock Up 6.7%

Shares of PASG stock traded up $0.42 during trading hours on Monday, reaching $6.70. The company’s stock had a trading volume of 24,851 shares, compared to its average volume of 29,844. Passage Bio has a fifty-two week low of $5.12 and a fifty-two week high of $26.60. The company has a market capitalization of $21.31 million, a price-to-earnings ratio of -0.37 and a beta of 1.94. The firm’s 50 day simple moving average is $7.59 and its 200-day simple moving average is $7.28.

Analysts Set New Price Targets

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

Get Our Latest Stock Analysis on Passage Bio

Insiders Place Their Bets

In other Passage Bio news, major shareholder Lynx1 Capital Management Lp bought 11,900 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were purchased at an average price of $6.99 per share, for a total transaction of $83,181.00. Following the completion of the transaction, the insider directly owned 623,704 shares in the company, valued at approximately $4,359,690.96. The trade was a 1.95% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders bought 32,008 shares of company stock valued at $223,726 over the last quarter. Company insiders own 4.30% of the company’s stock.

Passage Bio Company Profile

(Get Free Report)

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.

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