Renaissance Technologies LLC Increases Stock Holdings in Q32 Bio Inc. $QTTB

Renaissance Technologies LLC grew its stake in Q32 Bio Inc. (NASDAQ:QTTB) by 107.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 206,915 shares of the company’s stock after purchasing an additional 107,315 shares during the quarter. Renaissance Technologies LLC’s holdings in Q32 Bio were worth $1,328,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of QTTB. Opaleye Management Inc. bought a new stake in shares of Q32 Bio during the 4th quarter valued at about $708,000. Jane Street Group LLC bought a new position in Q32 Bio in the second quarter worth about $69,000. AQR Capital Management LLC bought a new position in Q32 Bio in the first quarter worth about $68,000. Two Sigma Investments LP purchased a new stake in Q32 Bio in the third quarter worth about $62,000. Finally, Acadian Asset Management LLC purchased a new stake in Q32 Bio in the first quarter worth about $50,000. 31.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Mizuho initiated coverage on Q32 Bio in a report on Friday, May 22nd. They set an “outperform” rating and a $14.00 target price on the stock. Oppenheimer raised their target price on Q32 Bio from $20.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. HC Wainwright upped 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. Zacks Research downgraded Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Monday, May 18th. Finally, Weiss Ratings reissued a “hold (c-)” rating on shares of Q32 Bio in a research report on Friday, August 7th. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Q32 Bio Price Performance

Shares of QTTB opened at $15.37 on Friday. The stock has a market cap of $260.68 million, a P/E ratio of 5.12 and a beta of 0.23. The business’s 50 day moving average price is $14.17 and its 200-day moving average price is $8.83. Q32 Bio Inc. has a 52 week low of $1.62 and a 52 week high of $23.57.

Q32 Bio (NASDAQ:QTTB) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.44) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.02. On average, equities analysts anticipate that Q32 Bio Inc. will post -1.53 EPS for the current year.

Insider Transactions at Q32 Bio

In other news, Director Diyong Xu acquired 1,875,000 shares of Q32 Bio stock in a transaction on Thursday, May 28th. The stock was acquired at an average cost of $8.00 per share, for a total transaction of $15,000,000.00. Following the purchase, the director owned 3,502,987 shares in the company, valued at $28,023,896. This trade represents a 115.17% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Orbimed Advisors Llc acquired 1,875,000 shares of Q32 Bio stock in a transaction on Thursday, May 28th. The shares were purchased at an average price of $8.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the director owned 3,502,987 shares in the company, valued at $28,023,896. This represents a 115.17% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 34.46% of the company’s stock.

Q32 Bio Profile

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.