Quince Therapeutics (NASDAQ:QNCX) Issues Quarterly Earnings Results, Beats Estimates By $0.71 EPS

Quince Therapeutics (NASDAQ:QNCX) posted its quarterly earnings data on Monday. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($1.30) by $0.71, Zacks reports.

Quince Therapeutics Stock Performance

Shares of NASDAQ QNCX traded down $0.03 during mid-day trading on Wednesday, reaching $1.24. 330,098 shares of the company’s stock were exchanged, compared to its average volume of 7,298,060. The company’s 50-day moving average is $1.15 and its 200-day moving average is $14.82. The firm has a market capitalization of $20.13 million, a price-to-earnings ratio of -0.12 and a beta of 1.45. Quince Therapeutics has a 52-week low of $0.80 and a 52-week high of $45.50.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Nantahala Capital Management LLC boosted its stake in Quince Therapeutics by 21.6% during the third quarter. Nantahala Capital Management LLC now owns 3,073,729 shares of the company’s stock worth $5,010,000 after buying an additional 545,427 shares during the period. Adage Capital Partners GP L.L.C. acquired a new stake in Quince Therapeutics in the 4th quarter valued at approximately $7,538,000. Vanguard Group Inc. increased its holdings in Quince Therapeutics by 21.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock valued at $2,874,000 after purchasing an additional 309,349 shares during the last quarter. Millennium Management LLC increased its holdings in Quince Therapeutics by 1,152.9% in the 3rd quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock valued at $2,260,000 after purchasing an additional 1,276,094 shares during the last quarter. Finally, Almitas Capital LLC increased its holdings in Quince Therapeutics by 88.0% in the 4th quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock valued at $3,116,000 after purchasing an additional 435,356 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on QNCX shares. Wall Street Zen raised shares of Quince Therapeutics from a “strong sell” rating to a “sell” rating in a research note on Saturday. Citigroup downgraded Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Friday, January 30th. downgraded Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 29th. D. Boral Capital downgraded Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Finally, Weiss Ratings downgraded Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 1st. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, Quince Therapeutics has an average rating of “Reduce” and a consensus target price of $65.00.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.