Quince Therapeutics (NASDAQ:QNCX) Trading Up 9.1% – Time to Buy?

Quince Therapeutics, Inc. (NASDAQ:QNCX) shares shot up 9.1% on Friday . The stock traded as high as $30.00 and last traded at $29.48. 48,834 shares were traded during mid-day trading, an increase of 176% from the average daily volume of 17,690 shares. The stock had previously closed at $27.01.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of Quince Therapeutics to a “hold” rating in a research report on Wednesday, June 24th. Wall Street Zen cut shares of Quince Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $70.00 price objective on shares of Quince Therapeutics in a research note on Tuesday, August 18th. Craig Hallum upgraded Quince Therapeutics to a “strong-buy” rating in a report on Thursday, August 27th. Finally, Weiss Ratings cut Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 26th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $260.00.

Quince Therapeutics Price Performance

The stock’s 50 day simple moving average is $27.43 and its two-hundred day simple moving average is $23.66. The stock has a market cap of $30.07 million, a P/E ratio of -0.19 and a beta of 1.31.

Quince Therapeutics (NASDAQ:QNCX) last issued its quarterly earnings data on Friday, August 14th. The company reported ($12.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($28.02) by $15.71.

Hedge Funds Weigh In On Quince Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QNCX. 683 Capital Management LLC acquired a new stake in shares of Quince Therapeutics in the 4th quarter valued at about $798,000. Intellectus Partners LLC acquired a new position in shares of Quince Therapeutics during the fourth quarter worth about $179,000. Finally, BlackRock Inc. acquired a new position in shares of Quince Therapeutics during the second quarter worth about $31,000. 30.75% of the stock is owned by institutional investors and hedge funds.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for rare diseases. The company’s research centers on its erythrocyte-derived extracellular vesicle (EEV) platform, which uses patients’ red blood cells to encapsulate and deliver therapeutic compounds.

Quince’s lead investigational product is eDSP, formerly known as EryDex, an autologous red-blood-cell-based formulation of dexamethasone sodium phosphate being developed for ataxia-telangiectasia (A-T).