Leerink Partners Reaffirms Market Perform Rating for Q32 Bio (NASDAQ:QTTB)

Leerink Partners reissued their market perform rating on shares of Q32 Bio (NASDAQ:QTTB) in a research note issued to investors on Wednesday morning, Marketbeat Ratings reports. The brokerage currently has a $9.00 target price on the stock, down from their previous target price of $68.00.

A number of other equities analysts have also recently weighed in on the stock. Piper Sandler reduced their price target on shares of Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday. BMO Capital Markets assumed coverage on Q32 Bio in a research note on Friday, December 6th. They issued an “outperform” rating and a $64.00 target price for the company. Raymond James assumed coverage on Q32 Bio in a research report on Thursday, October 24th. They set a “strong-buy” rating and a $90.00 price target on the stock. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $16.00 price objective (down from $95.00) on shares of Q32 Bio in a research report on Wednesday. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.86.

Q32 Bio Stock Performance

Shares of QTTB stock opened at $3.70 on Wednesday. The stock has a market cap of $45.07 million, a PE ratio of -0.26 and a beta of -0.46. The stock has a 50-day moving average of $36.81 and a 200-day moving average of $34.13. The company has a debt-to-equity ratio of 0.61, a current ratio of 6.53 and a quick ratio of 6.53. Q32 Bio has a one year low of $3.67 and a one year high of $53.79.

Hedge Funds Weigh In On Q32 Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in QTTB. Values First Advisors Inc. acquired a new position in Q32 Bio in the 3rd quarter worth $33,000. BNP Paribas Financial Markets boosted its stake in shares of Q32 Bio by 199.1% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock worth $58,000 after buying an additional 864 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Q32 Bio by 11,681.5% in the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock valued at $137,000 after acquiring an additional 7,593 shares in the last quarter. MetLife Investment Management LLC acquired a new stake in shares of Q32 Bio in the third quarter valued at about $159,000. Finally, Franklin Resources Inc. bought a new stake in Q32 Bio during the third quarter worth about $225,000. 31.32% of the stock is owned by institutional investors and hedge funds.

Q32 Bio Company Profile

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.