Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Sees Large Decline in Short Interest

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) was the recipient of a large decline in short interest in the month of September. As of September 30th, there was short interest totaling 65,473 shares, a decline of 48.2% from the September 15th total of 126,292 shares. Approximately 3.7% of the company’s shares are sold short. Based on an average daily trading volume, of 47,416 shares, the days-to-cover ratio is presently 1.4 days.

Analysts Set New Price Targets

A number of research firms have recently issued reports on QNRX. BTIG Research started coverage on shares of Quoin Pharmaceuticals in a research note on Monday. They issued a “buy” rating and a $14.00 price target on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a report on Monday, July 20th. Finally, Lake Street Capital started coverage on Quoin Pharmaceuticals in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 target price on the stock. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $17.00.

Insiders Place Their Bets

In other Quoin Pharmaceuticals news, CFO Sally Lawlor purchased 10,244 shares of the stock in a transaction dated Monday, August 31st. The stock was acquired at an average cost of $4.88 per share, for a total transaction of $49,990.72. Following the acquisition, the chief financial officer owned 10,684 shares in the company, valued at $52,137.92. This trade represents a 2,328.18% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Michael Myers acquired 20,490 shares of Quoin Pharmaceuticals stock in a transaction that occurred on Monday, August 31st. The stock was bought at an average price of $4.88 per share, for a total transaction of $99,991.20. Following the completion of the acquisition, the chief executive officer owned 37,713 shares in the company, valued at $184,039.44. This trade represents a 118.97% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 57,370 shares of company stock worth $279,966 in the last three months. 7.54% of the stock is owned by insiders.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Quoin Pharmaceuticals stock. SummitTX Capital L.P. increased its stake in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,300 shares of the company’s stock after acquiring an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned about 5.56% of Quoin Pharmaceuticals worth $662,000 at the end of the most recent quarter. 8.63% of the stock is currently owned by hedge funds and other institutional investors.

Quoin Pharmaceuticals Stock Performance

Shares of Quoin Pharmaceuticals stock traded down $0.13 during trading hours on Friday, reaching $3.90. 31,730 shares of the company were exchanged, compared to its average volume of 284,195. The firm has a market cap of $7.83 million, a PE ratio of -0.15 and a beta of 1.56. The stock’s fifty day moving average is $5.71 and its 200 day moving average is $5.32. Quoin Pharmaceuticals has a 1 year low of $3.25 and a 1 year high of $23.50.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.29). Research analysts expect that Quoin Pharmaceuticals will post -7.45 earnings per share for the current year.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases with significant unmet medical needs. The company’s programs are primarily designed to address disorders affecting the skin and other tissues, with an emphasis on topical drug-delivery technologies.

Quoin’s lead product candidate, QRX003, is an investigational topical lotion being developed for Netherton syndrome, a rare genetic skin disorder associated with impaired skin barrier function and inflammation.