Q32 Bio (NASDAQ:QTTB) Shares Down 10.6% – Here’s Why

Q32 Bio Inc. (NASDAQ:QTTB)’s share price was down 10.6% on Thursday . The company traded as low as $12.31 and last traded at $12.59. 264,781 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 333,662 shares. The stock had previously closed at $14.08.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Cantor Fitzgerald assumed coverage on Q32 Bio in a research note on Monday, May 18th. They set an “overweight” rating for the company. HC Wainwright reiterated a “buy” rating and set a $13.00 target price on shares of Q32 Bio in a report on Tuesday, May 5th. Mizuho assumed coverage on shares of Q32 Bio in a research report on Friday, May 22nd. They set an “outperform” rating and a $14.00 target price for the company. Zacks Research lowered shares of Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Weiss Ratings raised shares of Q32 Bio from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.50.

Q32 Bio Price Performance

The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.04. The stock has a market cap of $190.12 million, a PE ratio of 4.21 and a beta of 0.24. The company’s 50 day moving average is $10.23 and its 200-day moving average is $6.72.

Q32 Bio (NASDAQ:QTTB) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.54) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.68) by $0.14. As a group, sell-side analysts predict that Q32 Bio Inc. will post -1.96 earnings per share for the current year.

Insider Buying and Selling

In other Q32 Bio news, Director Orbimed Advisors Llc acquired 1,875,000 shares of the stock in a transaction on Thursday, May 28th. The stock was purchased at an average price of $8.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the director directly owned 3,502,987 shares in the company, valued at $28,023,896. This trade represents a 115.17% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Diyong Xu acquired 1,875,000 shares of the company’s stock in a transaction on Thursday, May 28th. The shares were acquired at an average price of $8.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the director directly owned 3,502,987 shares in the company, valued at $28,023,896. The trade was a 115.17% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 34.46% of the stock is owned by company insiders.

Institutional Trading of Q32 Bio

Several institutional investors have recently added to or reduced their stakes in QTTB. Opaleye Management Inc. bought a new position in Q32 Bio during the 4th quarter valued at $708,000. Renaissance Technologies LLC increased its position in shares of Q32 Bio by 107.7% in the 1st quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after purchasing an additional 107,315 shares during the last quarter. Jane Street Group LLC bought a new stake in shares of Q32 Bio in the 2nd quarter worth about $69,000. AQR Capital Management LLC acquired a new stake in shares of Q32 Bio in the 1st quarter valued at about $68,000. Finally, Two Sigma Investments LP acquired a new stake in shares of Q32 Bio in the 3rd quarter valued at about $62,000. 31.32% of the stock is owned by institutional investors and hedge funds.

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.