FY2029 Earnings Estimate for Passage Bio Issued By Wedbush

Passage Bio, Inc. (NASDAQ:PASG) – Wedbush issued their FY2029 earnings per share estimates for Passage Bio in a research note issued on Tuesday, March 4th. Wedbush analyst Y. Zhong expects that the company will post earnings of ($0.40) per share for the year. Wedbush currently has a “Outperform” rating and a $4.00 target price on the stock. The consensus estimate for Passage Bio’s current full-year earnings is ($1.03) per share.

Several other brokerages also recently commented on PASG. Chardan Capital dropped their target price on shares of Passage Bio from $7.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday. Canaccord Genuity Group reiterated a “buy” rating and issued a $13.00 price objective on shares of Passage Bio in a research note on Thursday, November 14th.

Passage Bio Stock Performance

Shares of PASG stock opened at $0.47 on Thursday. The stock’s 50 day simple moving average is $0.59 and its 200 day simple moving average is $0.64. Passage Bio has a twelve month low of $0.38 and a twelve month high of $1.79. The company has a market capitalization of $29.04 million, a price-to-earnings ratio of -0.40 and a beta of 1.55.

Passage Bio (NASDAQ:PASG) last posted its quarterly earnings results on Tuesday, March 4th. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.21) by $0.01.

Insider Activity at Passage Bio

In related news, major shareholder Orbimed Advisors Llc sold 126,209 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the insider now owns 7,131,636 shares in the company, valued at $4,706,879.76. This trade represents a 1.74 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Lynx1 Capital Management Lp bought 373,645 shares of Passage Bio stock in a transaction dated Friday, December 27th. The stock was purchased at an average price 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 $6,017,019.45. This represents a 4.21 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 544,168 shares of company stock worth $361,723. Company insiders own 4.30% of the company’s stock.

Institutional Trading of Passage Bio

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in Passage Bio by 983.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 54,479 shares of the company’s stock worth $31,000 after purchasing an additional 49,449 shares during the last quarter. Northern Trust Corp raised its position in shares of Passage Bio by 55.1% during the fourth quarter. Northern Trust Corp now owns 62,476 shares of the company’s stock worth $35,000 after acquiring an additional 22,195 shares during the last quarter. Squarepoint Ops LLC lifted its stake in shares of Passage Bio by 129.5% during the fourth quarter. Squarepoint Ops LLC now owns 64,099 shares of the company’s stock valued at $36,000 after acquiring an additional 36,172 shares during the period. Landscape Capital Management L.L.C. bought a new position in Passage Bio in the third quarter valued at about $38,000. Finally, Jane Street Group LLC boosted its holdings in Passage Bio by 537.2% in the fourth quarter. Jane Street Group LLC now owns 78,190 shares of the company’s stock valued at $44,000 after acquiring an additional 65,919 shares during the last quarter. 53.48% of the stock is owned by institutional investors.

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.