Short Interest in Q32 Bio Inc. (NASDAQ:QTTB) Increases By 16.4%

Q32 Bio Inc. (NASDAQ:QTTB) saw a large increase in short interest in August. As of August 31st, there was short interest totalling 364,600 shares, an increase of 16.4% from the August 15th total of 313,100 shares. Based on an average trading volume of 108,100 shares, the short-interest ratio is currently 3.4 days. Currently, 8.6% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on QTTB. Leerink Partners started coverage on shares of Q32 Bio in a report on Tuesday, May 21st. They issued an “outperform” rating and a $54.00 price target for the company. Leerink Partnrs raised shares of Q32 Bio to a “strong-buy” rating in a research note on Tuesday, May 21st. Wells Fargo & Company assumed coverage on Q32 Bio in a research report on Wednesday, September 11th. They set an “overweight” rating and a $95.00 target price on the stock. Finally, Guggenheim began coverage on Q32 Bio in a research report on Monday, June 17th. They issued a “buy” rating and a $100.00 price target for the company. Five research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $68.80.

Institutional Trading of Q32 Bio

Large investors have recently bought and sold shares of the stock. Acadian Asset Management LLC acquired a new stake in shares of Q32 Bio during the first quarter worth $62,000. Rhumbline Advisers raised its stake in Q32 Bio by 11,681.5% in the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after acquiring an additional 7,593 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in Q32 Bio during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp purchased a new stake in Q32 Bio during the 2nd quarter valued at about $315,000. Finally, Ikarian Capital LLC acquired a new position in shares of Q32 Bio in the first quarter valued at about $381,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

Q32 Bio Price Performance

NASDAQ QTTB traded up $0.87 on Tuesday, hitting $45.85. The stock had a trading volume of 6,284 shares, compared to its average volume of 62,036. Q32 Bio has a 52-week low of $8.24 and a 52-week high of $53.79. The business has a fifty day moving average of $36.87. The company has a debt-to-equity ratio of 0.37, a quick ratio of 6.49 and a current ratio of 6.49. The company has a market capitalization of $547.54 million, a PE ratio of -1.38 and a beta of -0.32.

Q32 Bio (NASDAQ:QTTB) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($1.42) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.42). As a group, sell-side analysts anticipate that Q32 Bio will post -11.76 EPS for the current year.

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.