Quince Therapeutics Stock Scheduled to Reverse Split on Tuesday, June 30th (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) shares are set to reverse split on the morning of Tuesday, June 30th. The 1-20 reverse split was announced on Friday, June 26th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, June 29th.

Quince Therapeutics Price Performance

NASDAQ:QNCX traded down $0.03 on Friday, hitting $0.94. 321,432 shares of the company’s stock were exchanged, compared to its average volume of 5,849,831. The firm has a 50-day moving average price of $1.13 and a 200-day moving average price of $10.01. Quince Therapeutics has a 52 week low of $0.79 and a 52 week high of $45.50. The company has a market cap of $15.38 million, a P/E ratio of -0.09 and a beta of 1.40.

Quince Therapeutics (NASDAQ:QNCX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.59) earnings per share for the quarter, beating the consensus estimate of ($1.30) by $0.71. On average, research analysts expect that Quince Therapeutics will post -0.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Leerink Partners started coverage on Quince Therapeutics in a research note on Wednesday. They set an “outperform” rating and a $4.00 price objective on the stock. Wall Street Zen upgraded shares of Quince Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Cantor Fitzgerald initiated coverage on shares of Quince Therapeutics in a research report on Tuesday. They set an “overweight” rating and a $4.00 price target on the stock. Weiss Ratings cut shares of Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 1st. Finally, Zacks Research raised shares of Quince Therapeutics to a “hold” rating in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $34.50.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. XTX Topco Ltd bought a new stake in Quince Therapeutics in the 2nd quarter valued at $37,000. Nantahala Capital Management LLC acquired a new position in shares of Quince Therapeutics in the second quarter valued at approximately $4,172,000. Bridgeway Capital Management LLC increased its position in Quince Therapeutics by 20.9% during 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 period. Vanguard Group Inc. raised its position in shares of Quince Therapeutics by 21.3% in the third quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock valued at $2,874,000 after buying an additional 309,349 shares in the last quarter. Finally, GSA Capital Partners LLP grew its holdings in shares of Quince Therapeutics by 158.0% during the 3rd quarter. GSA Capital Partners LLP now owns 87,235 shares of the company’s stock worth $142,000 after purchasing an additional 53,417 shares in the last quarter. 30.75% of the stock is currently owned by institutional investors.

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.