Leerink Partners Reiterates “Market Perform” Rating for Q32 Bio (NASDAQ:QTTB)

Q32 Bio (NASDAQ:QTTB)‘s stock had its “market perform” rating restated by stock analysts at Leerink Partners in a report released on Wednesday, Marketbeat reports. They currently have a $9.00 price target on the stock, down from their prior price target of $68.00. Leerink Partners’ target price points to a potential upside of 111.76% from the company’s current price.

QTTB has been the subject of several other reports. BMO Capital Markets began coverage on Q32 Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $64.00 price target for the company. Piper Sandler lowered their target price on shares of Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $16.00 price target (down previously from $95.00) on shares of Q32 Bio in a research note on Wednesday. Finally, Raymond James started coverage on shares of Q32 Bio in a research note on Thursday, October 24th. They set a “strong-buy” rating and a $90.00 price objective on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $29.86.

Q32 Bio Stock Down 28.6 %

Shares of QTTB stock opened at $4.25 on Wednesday. The firm’s fifty day moving average price is $37.63 and its two-hundred day moving average price is $34.28. The company has a current ratio of 6.53, a quick ratio of 6.53 and a debt-to-equity ratio of 0.61. Q32 Bio has a 1 year low of $4.17 and a 1 year high of $53.79. The firm has a market capitalization of $51.77 million, a P/E ratio of -0.30 and a beta of -0.46.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QTTB. FMR LLC lifted its holdings in shares of Q32 Bio by 137.3% in the third quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after acquiring an additional 246,664 shares during the last quarter. Eventide Asset Management LLC bought a new position in Q32 Bio in the 3rd quarter valued at approximately $8,478,000. Harvard Management Co. Inc. acquired a new stake in Q32 Bio in the second quarter valued at approximately $2,925,000. Geode Capital Management LLC grew its stake in shares of Q32 Bio by 22.4% during the third quarter. Geode Capital Management LLC now owns 131,768 shares of the company’s stock worth $5,881,000 after buying an additional 24,114 shares during the last quarter. Finally, State Street Corp increased its holdings in shares of Q32 Bio by 35.5% during the third quarter. State Street Corp now owns 110,164 shares of the company’s stock worth $4,916,000 after buying an additional 28,865 shares in the last quarter. Institutional investors own 31.32% of the company’s stock.

About Q32 Bio

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.