Q32 Bio (NASDAQ:QTTB) Trading Down 3.7%

Shares of Q32 Bio Inc. (NASDAQ:QTTB) were down 3.7% during mid-day trading on Thursday . The stock traded as low as $47.61 and last traded at $47.94. Approximately 26,369 shares traded hands 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 analyst reports. Guggenheim assumed coverage on Q32 Bio in a research note on Monday, June 17th. They issued a “buy” rating and a $100.00 price objective on the stock. Leerink Partnrs upgraded Q32 Bio to a “strong-buy” rating in a research note on Tuesday, May 21st. Wells Fargo & Company assumed coverage on Q32 Bio in a research note on Wednesday. They issued an “overweight” rating and a $95.00 price target on the stock. Finally, Leerink Partners began coverage on Q32 Bio in a research note on Tuesday, May 21st. They set an “outperform” rating and a $54.00 price target on the stock. Five analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Q32 Bio presently has a consensus rating of “Buy” and an average price target of $68.80.

Q32 Bio Trading Down 10.0 %

The company has a market cap of $535.12 million, a P/E ratio of -1.45 and a beta of -0.33. The company has a debt-to-equity ratio of 0.37, a current ratio of 6.49 and a quick ratio of 6.49. The company has a 50-day moving average price of $35.25.

Q32 Bio (NASDAQ:QTTB) last issued its earnings results on Thursday, August 8th. The company reported ($1.42) EPS for the quarter, missing the consensus estimate of ($1.00) by ($0.42). As a group, sell-side analysts predict that Q32 Bio Inc. will post -11.76 EPS for the current fiscal year.

Institutional Investors Weigh In On Q32 Bio

Hedge funds and other institutional investors have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Q32 Bio in the 1st quarter valued at $62,000. Rhumbline Advisers boosted its stake 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 valued at $137,000 after purchasing an additional 7,593 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Q32 Bio in the 2nd quarter worth $265,000. Bank of New York Mellon Corp acquired a new position in shares of Q32 Bio during the 2nd quarter worth about $315,000. Finally, Ikarian Capital LLC bought a new stake in shares of Q32 Bio in the first quarter worth about $381,000. Institutional investors and hedge funds 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.