Q32 Bio Inc. (NASDAQ:QTTB) Short Interest Up 16.4% in August

Q32 Bio Inc. (NASDAQ:QTTB) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 364,600 shares, an increase of 16.4% from the August 15th total of 313,100 shares. Based on an average daily volume of 108,100 shares, the short-interest ratio is currently 3.4 days. Currently, 8.6% of the company’s stock are sold short.

Institutional Investors Weigh In On Q32 Bio

Several hedge funds have recently modified their holdings of the company. Ensign Peak Advisors Inc boosted its stake in shares of Q32 Bio by 150.6% during the 2nd quarter. Ensign Peak Advisors Inc now owns 64,481 shares of the company’s stock worth $1,157,000 after acquiring an additional 38,750 shares in the last quarter. Renaissance Technologies LLC purchased a new position in Q32 Bio in the 2nd quarter valued at about $265,000. Harvard Management Co. Inc. purchased a new position in Q32 Bio in the 2nd quarter valued at about $2,925,000. Rhumbline Advisers lifted its stake in Q32 Bio by 11,681.5% in the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock valued at $137,000 after buying an additional 7,593 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new position in Q32 Bio in the 2nd quarter valued at about $315,000. 31.32% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on QTTB. Wells Fargo & Company began coverage on Q32 Bio in a research report on Wednesday, September 11th. They set an “overweight” rating and a $95.00 price target on the stock. Guggenheim started coverage on Q32 Bio in a research report on Monday, June 17th. They set a “buy” rating and a $100.00 price target on the stock. Leerink Partners started coverage on Q32 Bio in a research report on Tuesday, May 21st. They issued an “outperform” rating and a $54.00 target price on the stock. Finally, Leerink Partnrs raised Q32 Bio to a “strong-buy” rating in a research report on Tuesday, May 21st. Five equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $68.80.

Q32 Bio Trading Down 2.5 %

QTTB traded down $1.17 during midday trading on Monday, hitting $44.98. 118,911 shares of the company were exchanged, compared to its average volume of 62,364. The business has a 50 day moving average of $36.87. The stock has a market cap of $537.15 million, a price-to-earnings ratio of -1.38 and a beta of -0.32. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.37. Q32 Bio has a 1-year low of $8.24 and a 1-year high of $53.79.

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

About Q32 Bio

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.