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

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) was the target of a significant drop in short interest in the month of October. As of October 15th, there was short interest totaling 20,231 shares, a drop of 69.1% from the September 30th total of 65,473 shares. Based on an average trading volume of 47,994 shares, the days-to-cover ratio is currently 0.4 days. Approximately 0.5% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on QNRX. Lake Street Capital initiated coverage on shares of Quoin Pharmaceuticals in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price objective for the company. Wall Street Zen upgraded Quoin Pharmaceuticals to a “sell” rating in a research report on Saturday, October 17th. BTIG Research began coverage on shares of Quoin Pharmaceuticals in a research report on Monday, October 12th. They issued a “buy” rating and a $14.00 price objective on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research note on Friday, October 16th. Finally, Canaccord Genuity Group began coverage on shares of Quoin Pharmaceuticals in a report on Monday, October 19th. They issued a “buy” rating and a $18.00 price target on the stock. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $17.33.

Quoin Pharmaceuticals Stock Performance

Shares of NASDAQ QNRX traded down $0.07 during midday trading on Friday, hitting $4.08. 6,778 shares of the stock traded hands, compared to its average volume of 270,963. Quoin Pharmaceuticals has a one year low of $3.25 and a one year high of $23.50. The company has a market cap of $19.58 million, a PE ratio of -0.16 and a beta of 1.56. The business has a 50 day moving average price of $5.44 and a two-hundred day moving average price of $6.14.

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

Insider Buying and Selling at Quoin Pharmaceuticals

In other news, Director Anthony Culverwell purchased 6,146 shares of the business’s stock in a transaction dated Monday, August 31st. The shares were acquired at an average price of $4.88 per share, for a total transaction of $29,992.48. Following the completion of the acquisition, the director directly owned 40,364 shares of the company’s stock, valued at $196,976.32. The trade was a 17.96% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Myers acquired 20,490 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were purchased 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 executive officer owned 37,713 shares of the company’s stock, valued at $184,039.44. This represents a 118.97% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired 57,370 shares of company stock valued at $279,966 in the last ninety days. Company insiders own 7.54% of the company’s stock.

Institutional Trading of Quoin Pharmaceuticals

An institutional investor recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. grew its holdings in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 100,300 shares of the company’s stock after purchasing an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned approximately 5.56% of Quoin Pharmaceuticals worth $662,000 as of its most recent filing with the Securities & Exchange Commission. 8.63% of the stock is owned by institutional investors.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals, Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases. The company is primarily pursuing therapies for conditions with significant unmet medical needs, including rare genetic disorders affecting the skin.

Quoin’s lead program is QRX003, a topical lotion being developed for Netherton syndrome, a rare inherited skin disorder associated with impaired skin-barrier function. The company is also developing QRX004, a topical product candidate intended for recessive dystrophic epidermolysis bullosa, a severe genetic skin disease.