Q32 Bio (NASDAQ:QTTB) Trading Down 3.7%

Q32 Bio Inc. (NASDAQ:QTTB) was down 3.7% during trading on Thursday . The stock traded as low as $47.61 and last traded at $47.94. Approximately 26,369 shares were traded during mid-day trading, a decline of 57% from the average daily volume of 60,709 shares. The stock had previously closed at $49.79.

Analyst Ratings Changes

QTTB has been the topic of several recent analyst reports. Guggenheim initiated coverage on shares of Q32 Bio in a research note on Monday, June 17th. They set a “buy” rating and a $100.00 price objective on the stock. Leerink Partnrs upgraded shares of Q32 Bio to a “strong-buy” rating in a research note on Tuesday, May 21st. Leerink Partners began coverage on shares of Q32 Bio in a research note on Tuesday, May 21st. They issued an “outperform” rating and a $54.00 price target on the stock. Finally, Wells Fargo & Company assumed coverage on shares of Q32 Bio in a research report on Wednesday. They issued an “overweight” rating and a $95.00 target price for the company. Five research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $68.80.

Q32 Bio Trading Down 10.0 %

The stock has a market capitalization of $535.12 million, a price-to-earnings ratio of -1.45 and a beta of -0.33. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.37. The business has a 50-day moving average price of $35.25.

Q32 Bio (NASDAQ:QTTB) last released its quarterly earnings data on Thursday, August 8th. The company reported ($1.42) EPS for the quarter, missing the consensus estimate of ($1.00) by ($0.42). On average, equities research analysts expect that Q32 Bio Inc. will post -11.76 EPS for the current year.

Hedge Funds Weigh In On Q32 Bio

Several institutional investors and hedge funds have recently made changes to their positions in the business. Acadian Asset Management LLC purchased a new stake in shares of Q32 Bio during the first quarter worth about $62,000. Rhumbline Advisers raised its position in shares of Q32 Bio by 11,681.5% in the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after acquiring an additional 7,593 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Q32 Bio during the second quarter valued at $265,000. Bank of New York Mellon Corp purchased a new stake in Q32 Bio in the second quarter worth about $315,000. Finally, Ikarian Capital LLC purchased a new position in Q32 Bio during the first quarter valued at $381,000. Institutional investors own 31.32% of the company’s stock.

Q32 Bio Company Profile

Q32 Bio Inc, a clinical-stage biotechnology company, develops biologic therapeutics to restore healthy immune balance in patients with autoimmune and inflammatory diseases driven by pathological immune dysfunction in the United States. Its lead product candidate is ADX-097, a humanized anti-C3d monoclonal antibody fusion protein to restore complement regulation, which has completed Phase I clinical trial for the treatment of renal and other complement-mediated diseases of high unmet need, including lupus nephritis, immunoglobulin A nephropathy, complement component 3 glomerulopathy, and anti-neutrophil cytoplasmic antibody-associated vasculitis.