Q32 Bio’s (QTTB) “Outperform” Rating Reiterated at Raymond James

Q32 Bio (NASDAQ:QTTB)‘s stock had its “outperform” rating reiterated by research analysts at Raymond James in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $22.00 price target on the stock, down from their prior price target of $90.00. Raymond James’ price objective points to a potential downside of 9.87% from the company’s previous close.

A number of other equities research analysts have also weighed in on QTTB. BMO Capital Markets started coverage on Q32 Bio in a research note on Friday, December 6th. They set an “outperform” rating and a $64.00 price objective for the company. Piper Sandler reduced their target price on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating for the company in a research note on Wednesday. Wells Fargo & Company restated 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, Leerink Partners reiterated a “market perform” rating and set a $9.00 price objective (down from $68.00) on shares of Q32 Bio in a research note on Wednesday. Two analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $40.14.

Q32 Bio Stock Performance

NASDAQ:QTTB opened at $24.41 on Wednesday. The firm has a 50-day moving average of $39.13 and a two-hundred day moving average of $34.69. The company has a debt-to-equity ratio of 0.61, a current ratio of 6.53 and a quick ratio of 6.53. The stock has a market cap of $297.34 million, a P/E ratio of -1.71 and a beta of -0.46. Q32 Bio has a 1-year low of $9.54 and a 1-year high of $53.79.

Hedge Funds Weigh In On Q32 Bio

A number of hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. acquired a new stake in shares of Q32 Bio during the third quarter worth $225,000. Barclays PLC grew its position in shares of Q32 Bio by 105.2% during the 3rd quarter. Barclays PLC now owns 10,443 shares of the company’s stock valued at $465,000 after buying an additional 5,353 shares during the last quarter. Geode Capital Management LLC raised its stake in 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 acquiring an additional 24,114 shares during the period. Jane Street Group LLC bought a new position in Q32 Bio in the third quarter worth about $733,000. Finally, State Street Corp lifted its holdings in Q32 Bio by 35.5% in the third quarter. State Street Corp now owns 110,164 shares of the company’s stock worth $4,916,000 after acquiring an additional 28,865 shares during the last quarter. Institutional investors and hedge funds 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.