Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Shares Shorted: Short Interest Down 76.0% in September

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) saw a large decline in short interest in September. As of September 15th, there was short interest totaling 126,292 shares, a decline of 76.0% from the August 31st total of 526,654 shares. Approximately 7.1% of the company’s shares are short sold. Based on an average trading volume of 152,599 shares, the days-to-cover ratio is presently 0.8 days.

Insider Activity at Quoin Pharmaceuticals

In related news, CEO Michael Myers bought 20,490 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average cost of $4.88 per share, with a total value of $99,991.20. Following the completion of the purchase, the chief executive officer directly owned 37,713 shares in the company, valued at $184,039.44. The trade was a 118.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Sally Bridget Lawlor purchased 10,244 shares of Quoin Pharmaceuticals stock in a transaction on Monday, August 31st. The stock was bought at an average price of $4.88 per share, with a total value of $49,990.72. Following the completion of the acquisition, the chief financial officer directly owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. This trade represents a 2,328.18% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have purchased 57,370 shares of company stock worth $279,966. 11.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Quoin Pharmaceuticals stock. SummitTX Capital L.P. raised its stake in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 100,300 shares of the company’s stock after buying an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned about 5.56% of Quoin Pharmaceuticals worth $662,000 at the end of the most recent reporting period. Institutional investors own 8.63% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently weighed in on QNRX. ThinkEquity initiated coverage on Quoin Pharmaceuticals in a research note on Monday, June 15th. They set a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Monday, July 20th. Finally, Lake Street Capital initiated coverage on shares of Quoin Pharmaceuticals in a research note on Wednesday. They set a “buy” rating and a $20.00 price target for the company. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Quoin Pharmaceuticals presently has a consensus rating of “Hold” and an average target price of $20.00.

Quoin Pharmaceuticals Stock Up 0.8%

QNRX stock traded up $0.05 during mid-day trading on Friday, reaching $6.43. 11,014 shares of the company traded hands, compared to its average volume of 1,670,566. The stock has a market cap of $12.92 million, a price-to-earnings ratio of -0.26 and a beta of 1.51. Quoin Pharmaceuticals has a fifty-two week low of $3.25 and a fifty-two week high of $41.80. The firm’s 50 day moving average price is $5.67 and its 200 day moving average price is $5.70.

Quoin Pharmaceuticals (NASDAQ:QNRX) last released 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). On average, analysts anticipate that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases, with an initial emphasis on serious dermatological conditions. The company is developing proprietary topical formulations intended to deliver therapies directly to affected skin while addressing unmet medical needs in patient populations with limited treatment options.

Quoin’s lead product candidate, QRX003, is a topical lotion formulation of sirolimus being developed for the treatment of Netherton syndrome, a rare genetic skin disorder.