Q32 Bio (NASDAQ:QTTB – Get Free Report) issued its quarterly earnings data on Wednesday. The company reported ($0.26) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.07, FiscalAI reports. The company had revenue of $0.17 million for the quarter, compared to the consensus estimate of $0.17 million.
Q32 Bio Trading Down 3.0%
NASDAQ QTTB traded down $0.27 on Thursday, hitting $8.70. 364,233 shares of the company were exchanged, compared to its average volume of 754,660. Q32 Bio has a 1-year low of $1.90 and a 1-year high of $23.57. The firm has a 50 day moving average of $10.00 and a two-hundred day moving average of $9.30. The company has a market cap of $259.09 million, a P/E ratio of 2.90 and a beta of 0.45.
Insider Buying and Selling at Q32 Bio
In other news, insider Shelia Violette sold 2,798 shares of the company’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total transaction of $46,334.88. Following the transaction, the insider directly owned 127,771 shares in the company, valued at approximately $2,115,887.76. This represents a 2.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jodie Morrison sold 3,221 shares of the company’s stock in a transaction that occurred on Tuesday, October 6th. The stock was sold at an average price of $8.32, for a total transaction of $26,798.72. Following the transaction, the chief executive officer owned 340,038 shares in the company, valued at $2,829,116.16. The trade was a 0.94% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 22,054 shares of company stock worth $320,397. 34.46% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Q32 Bio
Hedge funds have recently added to or reduced their stakes in the company. Atlas Venture Life Science Advisors LLC raised its holdings in Q32 Bio by 29.9% during the 2nd quarter. Atlas Venture Life Science Advisors LLC now owns 2,717,106 shares of the company’s stock worth $34,616,000 after purchasing an additional 625,000 shares during the last quarter. Renaissance Technologies LLC lifted its position in Q32 Bio by 107.7% during the 1st quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock valued at $1,328,000 after purchasing an additional 107,315 shares during the period. BlackRock Inc. bought a new position in shares of Q32 Bio in the 2nd quarter valued at about $1,510,000. Carlyle Group Inc. acquired a new stake in shares of Q32 Bio during the 2nd quarter worth approximately $769,000. Finally, ADAR1 Capital Management LLC raised its stake in shares of Q32 Bio by 75.0% during the first quarter. ADAR1 Capital Management LLC now owns 35,000 shares of the company’s stock worth $225,000 after buying an additional 15,000 shares during the last quarter. Institutional investors own 31.32% of the company’s stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on QTTB. Leerink Partners started coverage on shares of Q32 Bio in a research report on Monday, October 12th. They set an “outperform” rating and a $40.00 target price for the company. Weiss Ratings raised shares of Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Q32 Bio in a report on Wednesday, September 16th. HC Wainwright lifted their target price on shares of Q32 Bio from $13.00 to $36.00 and gave the company a “buy” rating in a research note on Tuesday, July 28th. Finally, Jefferies Financial Group started coverage on Q32 Bio in a report on Monday, September 28th. They issued a “buy” rating and a $29.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, Q32 Bio presently has an average rating of “Moderate Buy” and an average target price of $32.17.
Get Our Latest Stock Report on QTTB
Q32 Bio Company Profile
Q32 Bio Inc (NASDAQ: QTTB) is a clinical-stage biotechnology company focused on developing biologic therapies for diseases associated with immune-system dysfunction. The company’s research programs are designed to restore immune balance rather than broadly suppress immune activity.
Q32 Bio’s lead product candidate is bempikibart, formerly known as ADX-914, a fully human monoclonal antibody that targets activin receptor type IIA (ActRIIA). The company has evaluated bempikibart in inflammatory and autoimmune conditions, including atopic dermatitis and alopecia areata.
The company also has pursued additional immunology programs, including therapies intended to address complement-mediated disease.
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