Passage Bio (NASDAQ:ORIC) Issues Earnings Results

Passage Bio (NASDAQ:ORIC) announced its quarterly earnings results on Wednesday. The company reported ($4.46) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($4.20), Fidelity Earnings reports.

NASDAQ:ORIC opened at $28.20 on Friday. Passage Bio has a 1-year low of $24.26 and a 1-year high of $34.70.

A number of brokerages recently weighed in on ORIC. Zacks Investment Research upgraded shares of Passage Bio from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Saturday. JPMorgan Chase & Co. began coverage on shares of Passage Bio in a report on Tuesday. They set an “overweight” rating and a $40.00 target price on the stock. Citigroup began coverage on shares of Passage Bio in a report on Tuesday. They set a “neutral” rating and a $35.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Passage Bio in a report on Tuesday. They set a “buy” rating and a $40.00 target price on the stock. Finally, Guggenheim initiated coverage on shares of Passage Bio in a research note on Tuesday. They set a “buy” rating and a $45.00 price target for the company. One analyst has rated the stock with a hold rating and four have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $38.60.

In related news, Director Orbimed Advisors Llc acquired 281,250 shares of Passage Bio stock in a transaction on Friday, April 24th. The stock was purchased at an average cost of $25.68 per share, with a total value of $7,222,500.00.

Passage Bio Company Profile

ORIC Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, discovers and develops therapies for treatment of cancers. Its lead product candidate is ORIC-101, a small molecule antagonist of the glucocorticoid receptor, which has been linked to resistance to multiple classes of cancer therapeutics across various solid tumors.

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