Q32 Bio (NASDAQ:QTTB) Cut to “Neutral” at Piper Sandler

Piper Sandler downgraded shares of Q32 Bio (NASDAQ:QTTB) from an overweight rating to a neutral rating in a research note issued to investors on Tuesday, Marketbeat.com reports. Piper Sandler currently has $4.00 price objective on the stock, down from their previous price objective of $20.00.

QTTB has been the topic of a number of other research reports. Raymond James restated an “outperform” rating and issued a $22.00 target price (down previously from $90.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Leerink Partnrs lowered Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Guggenheim lowered Q32 Bio from a “buy” rating to a “neutral” rating in a report on Wednesday, December 11th. BMO Capital Markets dropped their price target on Q32 Bio from $64.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $16.00 price target (down from $95.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Six research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat.com, Q32 Bio currently has an average rating of “Hold” and an average target price of $24.86.

Q32 Bio Stock Up 0.8 %

Shares of NASDAQ:QTTB opened at $2.68 on Tuesday. The business’s 50 day simple moving average is $5.04 and its two-hundred day simple moving average is $28.35. The firm has a market cap of $32.64 million, a P/E ratio of -0.19 and a beta of -0.32. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.53 and a current ratio of 6.53. Q32 Bio has a 52-week low of $2.58 and a 52-week high of $53.79.

Hedge Funds Weigh In On Q32 Bio

Several hedge funds and other institutional investors have recently added to or reduced their stakes in QTTB. Values First Advisors Inc. purchased a new position in Q32 Bio during the third quarter worth about $33,000. FMR LLC grew its position in Q32 Bio by 137.3% during the third quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after buying an additional 246,664 shares in the last quarter. BNP Paribas Financial Markets lifted its stake in Q32 Bio by 199.1% during the third quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock worth $58,000 after purchasing an additional 864 shares during the last quarter. MetLife Investment Management LLC bought a new stake in Q32 Bio during the third quarter worth about $159,000. Finally, Eventide Asset Management LLC bought a new stake in Q32 Bio during the third quarter worth about $8,478,000. 31.32% of the stock is currently owned by hedge funds and other institutional investors.

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.