Quoin Pharmaceuticals (NASDAQ:QNRX) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Quoin Pharmaceuticals (NASDAQ:QNRX) in a research report sent to investors on Monday, MarketBeat.com reports. The firm issued a buy rating and a $18.00 price target on the stock.

Other research analysts also recently issued reports about the company. BTIG Research assumed coverage on Quoin Pharmaceuticals in a research note on Monday, October 12th. They set a “buy” rating and a $14.00 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research note on Friday. Wall Street Zen raised Quoin Pharmaceuticals to a “sell” rating in a report on Saturday. Finally, Lake Street Capital started coverage on Quoin Pharmaceuticals in a report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price target for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $17.33.

Quoin Pharmaceuticals Stock Up 2.1%

NASDAQ QNRX opened at $3.98 on Monday. The firm’s fifty day simple moving average is $5.68 and its two-hundred day simple moving average is $5.29. Quoin Pharmaceuticals has a 12-month low of $3.25 and a 12-month high of $23.50.

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

Insider Activity at Quoin Pharmaceuticals

In related news, COO Denise Carter purchased 20,490 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was acquired at an average price of $4.88 per share, with a total value of $99,991.20. Following the completion of the acquisition, the chief operating officer owned 37,709 shares in the company, valued at approximately $184,019.92. This represents a 119.00% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Michael Myers purchased 20,490 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was bought at an average cost of $4.88 per share, with a total value of $99,991.20. Following the acquisition, the chief executive officer owned 37,713 shares of the company’s stock, valued at approximately $184,039.44. The trade was a 118.97% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last 90 days, insiders have acquired 57,370 shares of company stock worth $279,966. 7.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Quoin Pharmaceuticals

An institutional investor recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. increased its position in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 100,300 shares of the company’s stock after acquiring an additional 35,505 shares during the period. SummitTX Capital L.P. owned approximately 5.56% of Quoin Pharmaceuticals worth $662,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Hedge funds and other institutional investors own 8.63% of the company’s stock.

About Quoin Pharmaceuticals

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.