Quince Therapeutics, Inc. (NASDAQ:QNCX) Sees Significant Decrease in Short Interest

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the recipient of a significant decrease in short interest in the month of July. As of July 15th, there was short interest totaling 50,574 shares, a decrease of 55.2% from the June 30th total of 112,788 shares. Based on an average daily trading volume, of 42,759 shares, the days-to-cover ratio is presently 1.2 days. Currently, 5.6% of the company’s shares are short sold.

Quince Therapeutics Stock Performance

Quince Therapeutics stock traded up $0.61 during midday trading on Thursday, reaching $22.61. The stock had a trading volume of 23,891 shares, compared to its average volume of 252,200. The stock’s 50-day simple moving average is $19.33 and its 200 day simple moving average is $84.23. Quince Therapeutics has a twelve month low of $15.10 and a twelve month high of $909.98. The stock has a market capitalization of $22.16 million, a PE ratio of -0.11 and a beta of 1.40.

Quince Therapeutics (NASDAQ:QNCX) last announced its quarterly earnings results on Monday, May 11th. The company reported ($0.59) EPS for the quarter, topping the consensus estimate of ($26.00) by $25.41. Equities analysts predict that Quince Therapeutics will post -0.96 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have commented on QNCX. Zacks Research upgraded Quince Therapeutics to a “hold” rating in a report on Wednesday, June 24th. Lifesci Capital upgraded shares of Quince Therapeutics to a “strong-buy” rating in a report on Monday, June 29th. Leerink Partners initiated coverage on shares of Quince Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $80.00 price objective on the stock. Weiss Ratings cut shares of Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, May 1st. Finally, Oppenheimer began coverage on shares of Quince Therapeutics in a report on Wednesday. They issued an “outperform” rating and a $82.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $568.40.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Nantahala Capital Management LLC acquired a new position in Quince Therapeutics during the second quarter valued at approximately $4,172,000. Adage Capital Partners GP L.L.C. purchased a new position in shares of Quince Therapeutics in the 4th quarter valued at $7,538,000. Millennium Management LLC raised its stake in shares of Quince Therapeutics by 1,152.9% in the 3rd quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock valued at $2,260,000 after acquiring an additional 1,276,094 shares during the period. Superstring Capital Management LP acquired a new position in shares of Quince Therapeutics during the 4th quarter valued at $2,877,000. Finally, ADAR1 Capital Management LLC lifted its holdings in shares of Quince Therapeutics by 442.1% during the 3rd quarter. ADAR1 Capital Management LLC now owns 775,034 shares of the company’s stock valued at $1,263,000 after acquiring an additional 632,076 shares in the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Quince Therapeutics Company Profile

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.