Q32 Bio (NASDAQ:QTTB) Announces Earnings Results

Q32 Bio (NASDAQ:QTTB) issued its earnings results on Wednesday. The company reported ($0.44) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.01), FiscalAI reports.

Q32 Bio Price Performance

Shares of Q32 Bio stock traded down $0.33 on Thursday, reaching $16.16. The stock had a trading volume of 463,909 shares, compared to its average volume of 780,990. The business’s 50 day moving average is $13.73 and its two-hundred day moving average is $8.34. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.04. Q32 Bio has a 1 year low of $1.57 and a 1 year high of $23.57. The company has a market cap of $274.09 million, a P/E ratio of 6.07 and a beta of 0.23.

Analysts Set New Price Targets

Several research firms have recently weighed in on QTTB. HC Wainwright increased their price target on Q32 Bio from $13.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, July 28th. Cantor Fitzgerald started coverage on shares of Q32 Bio in a report on Monday, May 18th. They issued an “overweight” rating for the company. Oppenheimer lifted their price objective on shares of Q32 Bio from $20.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. Mizuho began coverage on shares of Q32 Bio in a report on Friday, May 22nd. They set an “outperform” rating and a $14.00 target price on the stock. Finally, Weiss Ratings upgraded Q32 Bio from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Four equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Insider Activity at Q32 Bio

In other news, Director Orbimed Advisors Llc bought 1,875,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were acquired at an average price of $8.00 per share, with a total value of $15,000,000.00. Following the acquisition, the director owned 3,502,987 shares of the company’s stock, valued at approximately $28,023,896. The trade was a 115.17% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Diyong Xu bought 1,875,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The shares were purchased at an average cost of $8.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, 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 position. The SEC filing for this purchase provides additional information. 34.46% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Q32 Bio

A number of institutional investors have recently added to or reduced their stakes in the business. Opaleye Management Inc. bought a new stake in shares of Q32 Bio during the 4th quarter valued at about $708,000. Geode Capital Management LLC increased its position in shares of Q32 Bio by 19.9% in the fourth quarter. Geode Capital Management LLC now owns 106,113 shares of the company’s stock worth $352,000 after purchasing an additional 17,617 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Q32 Bio by 110.6% in the fourth quarter. Renaissance Technologies LLC now owns 99,600 shares of the company’s stock worth $331,000 after purchasing an additional 52,300 shares during the last quarter. Jane Street Group LLC purchased a new stake in Q32 Bio in the second quarter valued at approximately $69,000. Finally, Goldman Sachs Group Inc. lifted its position in Q32 Bio by 140.9% during the first quarter. Goldman Sachs Group Inc. now owns 44,373 shares of the company’s stock valued at $73,000 after purchasing an additional 25,953 shares during the last quarter. 31.32% of the stock is currently owned by institutional investors.

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.