Q32 Bio Inc. (NASDAQ:QTTB) Sees Significant Increase in Short Interest

Q32 Bio Inc. (NASDAQ:QTTB) was the target of a significant increase in short interest in December. As of December 15th, there was short interest totalling 1,120,000 shares, an increase of 55.8% from the November 30th total of 719,100 shares. Based on an average trading volume of 279,800 shares, the days-to-cover ratio is presently 4.0 days. Approximately 24.2% of the shares of the stock are short sold.

Q32 Bio Stock Down 6.5 %

Shares of QTTB traded down $0.22 during mid-day trading on Monday, hitting $3.14. 249,940 shares of the company’s stock were exchanged, compared to its average volume of 124,403. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.53 and a current ratio of 6.53. The company has a market cap of $38.25 million, a price-to-earnings ratio of -0.22 and a beta of -0.46. The stock’s 50-day moving average is $28.00 and its 200-day moving average is $32.83. Q32 Bio has a fifty-two week low of $3.02 and a fifty-two week high of $53.79.

Institutional Investors Weigh In On Q32 Bio

Hedge funds and other institutional investors have recently modified their holdings of the company. Values First Advisors Inc. acquired a new position in Q32 Bio during the third quarter worth approximately $33,000. BNP Paribas Financial Markets grew its stake in shares of Q32 Bio by 199.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock valued at $58,000 after purchasing an additional 864 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Q32 Bio by 11,681.5% during the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after purchasing an additional 7,593 shares during the last quarter. MetLife Investment Management LLC purchased a new position in Q32 Bio in the 3rd quarter valued at $159,000. Finally, Franklin Resources Inc. purchased a new position in Q32 Bio in the 3rd quarter valued at $225,000. 31.32% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

QTTB has been the topic of a number of recent research reports. Guggenheim lowered shares of Q32 Bio from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 11th. Oppenheimer dropped their price target on Q32 Bio from $80.00 to $20.00 and set an “outperform” rating for the company in a research report on Wednesday, December 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $16.00 price target (down previously from $95.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Piper Sandler lowered their price objective on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 11th. Finally, Raymond James reiterated an “outperform” rating and set a $22.00 price target (down previously from $90.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $29.86.

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.