Q32 Bio (NASDAQ:QTTB) Posts Earnings Results, Beats Estimates By $0.07 EPS

Q32 Bio (NASDAQ:QTTB) issued its quarterly earnings results on Wednesday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.07, FiscalAI reports.

Q32 Bio Price Performance

QTTB traded up $0.41 during trading on Friday, reaching $9.26. 117,398 shares of the stock were exchanged, compared to its average volume of 752,921. Q32 Bio has a 1 year low of $1.90 and a 1 year high of $23.57. The company has a market capitalization of $275.66 million, a price-to-earnings ratio of 2.77 and a beta of 0.45. The business’s 50 day moving average price is $9.86 and its two-hundred day moving average price is $9.33.

Insider Transactions at Q32 Bio

In related news, insider Shelia M. Violette sold 2,798 shares of the business’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total value of $46,334.88. Following the completion of the transaction, the insider owned 127,771 shares of the company’s stock, valued at approximately $2,115,887.76. The trade was a 2.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Lee Kalowski sold 3,972 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $65,776.32. Following the sale, the chief financial officer directly owned 138,471 shares in the company, valued at $2,293,079.76. This represents a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 22,054 shares of company stock valued at $320,397 in the last ninety days. Corporate insiders own 34.46% of the company’s stock.

Hedge Funds Weigh In On Q32 Bio

Several institutional investors and hedge funds have recently modified their holdings of the company. Renaissance Technologies LLC boosted its holdings in shares of Q32 Bio by 107.7% during the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after purchasing an additional 107,315 shares during the last quarter. BlackRock Inc. acquired a new position in Q32 Bio in the second quarter valued at $1,510,000. Atlas Venture Life Science Advisors LLC increased its stake in Q32 Bio by 29.9% in the second quarter. Atlas Venture Life Science Advisors LLC now owns 2,717,106 shares of the company’s stock valued at $34,616,000 after purchasing an additional 625,000 shares during the last quarter. Carlyle Group Inc. acquired a new position in Q32 Bio in the second quarter valued at $769,000. Finally, Fisher Asset Management LLC purchased a new position in Q32 Bio during the third quarter worth about $308,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on QTTB. HC Wainwright lifted their price objective on Q32 Bio from $13.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, July 28th. Jefferies Financial Group assumed coverage on Q32 Bio in a research note on Monday, September 28th. They issued a “buy” rating and a $29.00 price target on the stock. Weiss Ratings upgraded Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Leerink Partners started coverage on Q32 Bio in a report on Monday, October 12th. They issued an “outperform” rating and a $40.00 target price for the company. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Q32 Bio in a report on Wednesday, September 16th. One investment 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. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $32.17.

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.