Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) Sees Significant Increase in Short Interest

Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) was the target of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 33,700 shares, an increase of 159.2% from the February 29th total of 13,000 shares. Based on an average daily volume of 580,600 shares, the short-interest ratio is currently 0.1 days.

Quoin Pharmaceuticals Price Performance

QNRX stock traded up $0.10 during midday trading on Thursday, hitting $0.97. 136,601 shares of the stock traded hands, compared to its average volume of 618,523. The firm has a market cap of $960,201.00, a P/E ratio of -0.09 and a beta of 1.88. The stock’s fifty day simple moving average is $2.48 and its 200-day simple moving average is $3.80. Quoin Pharmaceuticals has a 1-year low of $0.80 and a 1-year high of $12.00.

Wall Street Analysts Forecast Growth

Separately, Maxim Group reduced their target price on shares of Quoin Pharmaceuticals from $15.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, March 15th.

Hedge Funds Weigh In On Quoin Pharmaceuticals

A number of institutional investors have recently bought and sold shares of the company. Virtu Financial LLC acquired a new position in Quoin Pharmaceuticals in the 1st quarter valued at $57,000. Renaissance Technologies LLC increased its position in shares of Quoin Pharmaceuticals by 28.8% in the second quarter. Renaissance Technologies LLC now owns 64,932 shares of the company’s stock worth $29,000 after acquiring an additional 14,532 shares in the last quarter. Finally, Jane Street Group LLC bought a new position in Quoin Pharmaceuticals during the 3rd quarter valued at $26,000. 8.63% of the stock is owned by hedge funds and other institutional investors.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals, Ltd., a clinical stage specialty pharmaceutical company, focuses on the development and commercialization of therapeutic products for rare and orphan diseases. Its lead product is QRX003, a topical lotion to treat Netherton Syndrome (NS). The company is also developing QRX004 for the treatment of recessive dystrophic epidermolysis bullosa; QRX007 to treat NS; and QRX008 for the treatment of scleroderma.