Q32 Bio (NASDAQ:QTTB) Trading Down 3.6% – Here’s What Happened

Q32 Bio Inc. (NASDAQ:QTTB) dropped 3.6% during mid-day trading on Monday . The stock traded as low as $48.65 and last traded at $48.76. Approximately 30,591 shares traded hands during mid-day trading, a decline of 54% from the average daily volume of 67,140 shares. The stock had previously closed at $50.59.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the stock. Wells Fargo & Company began coverage on shares of Q32 Bio in a report on Wednesday, September 11th. They set an “overweight” rating and a $95.00 price target on the stock. Raymond James began coverage on Q32 Bio in a research note on Thursday, October 24th. They issued a “strong-buy” rating and a $90.00 price target for the company. Five research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $72.33.

Q32 Bio Trading Down 1.9 %

The company has a debt-to-equity ratio of 0.37, a current ratio of 6.49 and a quick ratio of 6.49. The firm has a market cap of $558.62 million, a price-to-earnings ratio of -2.05 and a beta of -0.32. The firm’s fifty day moving average is $45.01 and its 200-day moving average is $33.28.

Q32 Bio (NASDAQ:QTTB) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($1.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.42). Equities analysts anticipate that Q32 Bio Inc. will post -11.76 earnings per share for the current year.

Hedge Funds Weigh In On Q32 Bio

Institutional investors and hedge funds have recently modified their holdings of the business. Values First Advisors Inc. bought a new stake in shares of Q32 Bio in the 3rd quarter valued at $33,000. Acadian Asset Management LLC acquired a new stake in Q32 Bio in the first quarter worth $62,000. Rhumbline Advisers increased its stake in Q32 Bio by 11,681.5% in the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock valued at $137,000 after purchasing an additional 7,593 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Q32 Bio during the second quarter valued at about $265,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Q32 Bio during the 2nd quarter worth about $315,000. 31.32% of the stock is currently owned by institutional investors.

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.