Passage Bio (NASDAQ:PASG) Posts Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Posted by Defense World Staff on Aug 9th, 2023

Passage Bio (NASDAQ:PASG – Get Free Report) posted its quarterly earnings data on Monday. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.47) by $0.03, MarketWatch Earnings reports.

Passage Bio Stock Up 2.0 %

NASDAQ:PASG opened at $0.85 on Wednesday. The firm’s fifty day moving average is $0.93 and its two-hundred day moving average is $1.08. Passage Bio has a one year low of $0.80 and a one year high of $2.25.

Analyst Upgrades and Downgrades

Separately, Chardan Capital decreased their price target on shares of Passage Bio from $11.00 to $9.00 and set a “buy” rating for the company in a report on Monday. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $8.40.

Read Our Latest Research Report on PASG

Insider Buying and Selling at Passage Bio

In related news, major shareholder Orbimed Advisors Llc bought 617,382 shares of the stock in a transaction dated Tuesday, June 27th. The shares were purchased at an average price of $0.84 per share, for a total transaction of $518,600.88. Following the completion of the purchase, the insider now directly owns 7,458,805 shares of the company’s stock, valued at $6,265,396.20. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 14.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Prudential Financial Inc. acquired a new position in shares of Passage Bio during the 2nd quarter worth approximately $27,000. Federated Hermes Inc. raised its position in shares of Passage Bio by 9,044.2% during the 1st quarter. Federated Hermes Inc. now owns 9,510 shares of the company’s stock worth $29,000 after purchasing an additional 9,406 shares during the last quarter. Bank of America Corp DE lifted its stake in Passage Bio by 77.3% in the 1st quarter. Bank of America Corp DE now owns 33,168 shares of the company’s stock valued at $32,000 after buying an additional 14,462 shares in the last quarter. Prelude Capital Management LLC acquired a new stake in Passage Bio in the 1st quarter worth about $45,000. Finally, Tower Research Capital LLC TRC increased its stake in Passage Bio by 89.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 41,625 shares of the company’s stock worth $52,000 after buying an additional 19,706 shares in the last quarter. Hedge funds and other institutional investors own 62.19% of the company’s stock.

About Passage Bio

(Get Free Report)

Passage Bio, Inc, a genetic medicines company, develops transformative 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.