Quince Therapeutics (NASDAQ:QNCX) Cut to “Hold” at Brookline Capital Management

Quince Therapeutics (NASDAQ:QNCX) was downgraded by research analysts at Brookline Capital Management from a “strong-buy” rating to a “hold” rating in a report issued on Thursday,Zacks.com reports.

A number of other research analysts have also weighed in on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. Citigroup cut Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Friday. D. Boral Capital reaffirmed a “buy” rating and issued a $5.00 price target on shares of Quince Therapeutics in a research report on Thursday. Finally, Citizens Jmp downgraded shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday. Three analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Quince Therapeutics currently has a consensus rating of “Hold” and an average price target of $8.00.

Quince Therapeutics Price Performance

Shares of NASDAQ QNCX opened at $0.17 on Thursday. Quince Therapeutics has a 1 year low of $0.16 and a 1 year high of $4.55. The firm has a 50-day moving average of $3.25 and a 200 day moving average of $2.25. The stock has a market cap of $9.47 million, a P/E ratio of -0.14 and a beta of 1.15.

Quince Therapeutics (NASDAQ:QNCX) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.05). Research analysts expect that Quince Therapeutics will post -1.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Quince Therapeutics

Several large investors have recently bought and sold shares of QNCX. XTX Topco Ltd purchased a new position in Quince Therapeutics in the 2nd quarter worth about $37,000. GSA Capital Partners LLP lifted its position in Quince Therapeutics by 158.0% during the third quarter. GSA Capital Partners LLP now owns 87,235 shares of the company’s stock valued at $142,000 after purchasing an additional 53,417 shares during the period. Bridgeway Capital Management LLC boosted its holdings in Quince Therapeutics by 20.9% in the second quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock worth $212,000 after purchasing an additional 22,200 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new stake in Quince Therapeutics in the second quarter worth approximately $280,000. Finally, Union Square Park Capital Management LLC grew its position in Quince Therapeutics by 86.0% in the 3rd quarter. Union Square Park Capital Management LLC now owns 224,746 shares of the company’s stock worth $366,000 after purchasing an additional 103,889 shares during the period. 30.75% of the stock is currently owned by institutional investors.

Key Stories Impacting Quince Therapeutics

Here are the key news stories impacting Quince Therapeutics this week:

• Positive Sentiment: D. Boral Capital reaffirmed a “buy” rating and set a $5.00 price target, which implies large upside from current levels, but the note is unlikely to counteract the impact of clinical failure. D. Boral Capital Buy Rating
• Neutral Sentiment: Analysts at Citizens Jmp reaffirmed a “market perform” rating; this is informational but not a strong catalyst in the current risk-off environment. Citizens Jmp Market Perform
• Neutral Sentiment: Several trading halts occurred late in the session (news pending / LULD pauses), indicating extreme intraday volatility and contributing to disorderly price moves. (Exchange notices)
• Negative Sentiment: Multiple news outlets report Quince’s Phase 3 NEAT trial failed and the company is ending development of its lead drug candidate—this is the primary driver of the stock collapse and long-term value impairment. Quince stock tumbles after failed Phase 3
• Negative Sentiment: Coverage from MarketWatch/MSN describes the company ending development of its lead candidate and the stock plunging more than 90%, reinforcing that the trial outcome triggered the sell-off. Quince Ends Development; Shares Slide
• Negative Sentiment: Unusual options activity: investors bought ~3,396 put contracts (a 107% increase over average), signaling aggressive downside bets and likely adding selling pressure.
• Negative Sentiment: The company issued a Business Wire release with topline Phase 3 results; market interpretation of those toplines as unsuccessful triggered the swift reassessment of future cash flows and clinical value. Business Wire Topline Results

About Quince Therapeutics

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.