Quince Therapeutics (NASDAQ:QNCX) Downgraded to “Strong Sell” Rating by Lucid Cap Mkts

Lucid Cap Mkts cut shares of Quince Therapeutics (NASDAQ:QNCX) from a strong-buy rating to a strong sell rating in a research report released on Friday,Zacks.com reports.

Several other analysts also recently weighed in on QNCX. D Boral Capital downgraded shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday. Citigroup cut Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. Citizens Jmp downgraded Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $5.00 price objective on shares of Quince Therapeutics in a research note on Thursday. Three research 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 MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $8.00.

Quince Therapeutics Trading Down 37.1%

Shares of QNCX opened at $0.17 on Friday. The firm has a market capitalization of $9.47 million, a P/E ratio of -0.14 and a beta of 1.15. Quince Therapeutics has a 12-month low of $0.16 and a 12-month high of $4.55. The firm has a fifty day moving average price of $3.25 and a 200-day moving average price of $2.25.

Quince Therapeutics (NASDAQ:QNCX) last posted its quarterly earnings results on Wednesday, November 12th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.20) by ($0.05). Analysts predict that Quince Therapeutics will post -1.21 earnings per share for the current year.

Institutional Investors Weigh In On Quince Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the stock. Rockefeller Capital Management L.P. bought a new position in Quince Therapeutics in the second quarter worth about $280,000. XTX Topco Ltd bought a new stake in shares of Quince Therapeutics in the 2nd quarter valued at about $37,000. Nantahala Capital Management LLC purchased a new position in shares of Quince Therapeutics in the 2nd quarter worth approximately $4,172,000. Bridgeway Capital Management LLC grew its position in shares of Quince Therapeutics by 20.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock worth $212,000 after buying an additional 22,200 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Quince Therapeutics by 21.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock worth $2,874,000 after acquiring an additional 309,349 shares in the last quarter. Institutional investors own 30.75% of the company’s stock.

Quince Therapeutics News Roundup

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.