Q32 Bio (NASDAQ:QTTB) Trading Up 5% – What’s Next?

Q32 Bio Inc. (NASDAQ:QTTB)’s share price shot up 5% during mid-day trading on Friday . The stock traded as high as $50.00 and last traded at $50.00. 11,712 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 66,612 shares. The stock had previously closed at $47.62.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on QTTB shares. Wells Fargo & Company started coverage on Q32 Bio in a research report on Wednesday, September 11th. They set an “overweight” rating and a $95.00 price objective for the company. Raymond James assumed coverage on shares of Q32 Bio in a report on Thursday. They set a “strong-buy” rating and a $90.00 price target for the company. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $72.33.

Q32 Bio Stock Performance

The firm has a 50-day simple moving average of $44.69 and a two-hundred day simple moving average of $32.91. The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.37. The company has a market capitalization of $610.12 million, a price-to-earnings ratio of -2.20 and a beta of -0.32.

Q32 Bio (NASDAQ:QTTB) last released its quarterly earnings data on Thursday, August 8th. The company reported ($1.42) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.42). As a group, sell-side analysts forecast that Q32 Bio Inc. will post -11.76 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Values First Advisors Inc. acquired a new position in shares of Q32 Bio during the 3rd quarter valued at about $33,000. Acadian Asset Management LLC acquired a new stake in Q32 Bio in the 1st quarter worth approximately $62,000. Rhumbline Advisers boosted its position in Q32 Bio by 11,681.5% during the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after purchasing an additional 7,593 shares during the period. Renaissance Technologies LLC acquired a new position in Q32 Bio during the second quarter valued at approximately $265,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Q32 Bio in the second quarter valued at approximately $315,000. 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.