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

Passage Bio (NASDAQ:PASG) issued its earnings results on Tuesday. The company reported ($0.20) earnings per share (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. The stock has a market capitalization of $29.65 million, a price-to-earnings ratio of -0.41 and a beta of 1.54. Passage Bio has a 12-month low of $0.45 and a 12-month high of $1.79. The firm’s 50-day moving average price is $0.60 and its 200-day moving average price is $0.65.

Insider Buying and Selling

In other news, major shareholder Lynx1 Capital Management Lp acquired 373,645 shares of the business’s stock in a transaction on Friday, December 27th. The shares were acquired at an average price of $0.65 per share, for a total transaction of $242,869.25. Following the completion of the transaction, the insider now directly owns 9,256,953 shares of the company’s stock, valued at approximately $6,017,019.45. The trade was a 4.21 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, major shareholder Orbimed Advisors Llc sold 126,209 shares of the firm’s stock in a transaction dated Friday, January 10th. The stock was sold at an average price of $0.66, for a total transaction of $83,297.94. Following the completion of the sale, the insider now owns 7,131,636 shares of the company’s stock, valued at $4,706,879.76. This trade represents a 1.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 620,368 shares of company stock worth $421,921. Corporate insiders own 4.30% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on PASG shares. Canaccord Genuity Group reissued a “buy” rating and issued a $13.00 target price on shares of Passage Bio in a report on Thursday, November 14th. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Passage Bio in a research report on Thursday, November 14th. Finally, Wedbush began coverage on Passage Bio in a report on Friday, November 29th. They set an “outperform” rating and a $4.00 price target for the company.

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.