Quoin Pharmaceuticals (NASDAQ:QNRX) Stock Rated Buy in New Coverage at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Quoin Pharmaceuticals (NASDAQ:QNRX) in a research note released on Monday morning, Marketbeat.com reports. The brokerage issued a buy rating and a $18.00 price objective on the stock.

QNRX has been the subject of a number of other reports. Lake Street Capital assumed coverage on Quoin Pharmaceuticals in a report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 target price for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research note on Friday, October 16th. Wall Street Zen upgraded Quoin Pharmaceuticals to a “sell” rating in a report on Saturday, October 17th. Finally, BTIG Research initiated coverage on shares of Quoin Pharmaceuticals in a research report on Monday, October 12th. They set a “buy” rating and a $14.00 price objective for the company. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $17.33.

Quoin Pharmaceuticals Trading Down 1.2%

Shares of Quoin Pharmaceuticals stock opened at $3.99 on Monday. The business has a 50-day moving average price of $5.62 and a two-hundred day moving average price of $5.26. Quoin Pharmaceuticals has a 1-year low of $3.25 and a 1-year high of $23.50. The company has a market cap of $19.17 million, a P/E ratio of -0.16 and a beta of 1.56.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its quarterly earnings data on Friday, August 14th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.29). Equities research analysts forecast that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

Insider Transactions at Quoin Pharmaceuticals

In other news, CFO Sally Lawlor bought 10,244 shares of Quoin Pharmaceuticals stock in a transaction dated Monday, August 31st. The stock was bought at an average cost of $4.88 per share, for a total transaction of $49,990.72. Following the purchase, the chief financial officer directly owned 10,684 shares in the company, valued at approximately $52,137.92. This represents a 2,328.18% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Myers bought 20,490 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $4.88 per share, with a total value of $99,991.20. Following the completion of the transaction, the chief executive officer directly owned 37,713 shares in the company, valued at $184,039.44. This represents a 118.97% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders have purchased 57,370 shares of company stock valued at $279,966. 7.54% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Quoin Pharmaceuticals

An institutional investor recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. grew its position in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,300 shares of the company’s stock after acquiring an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned about 5.56% of Quoin Pharmaceuticals worth $662,000 as of its most recent filing with the Securities & Exchange Commission. 8.63% of the stock is owned by institutional investors.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals Ltd. (NASDAQ: QNRX) is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases with significant unmet medical needs. The company’s programs are primarily designed to address disorders affecting the skin and other tissues, with an emphasis on topical drug-delivery technologies.

Quoin’s lead product candidate, QRX003, is an investigational topical lotion being developed for Netherton syndrome, a rare genetic skin disorder associated with impaired skin barrier function and inflammation.