Q32 Bio (NASDAQ:QTTB) Issues Quarterly Earnings Results

Q32 Bio (NASDAQ:QTTB) posted its quarterly earnings data on Wednesday. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.09, FiscalAI reports.

Q32 Bio Stock Up 2.0%

Shares of Q32 Bio stock traded up $0.33 on Wednesday, reaching $16.49. 651,334 shares of the company were exchanged, compared to its average volume of 2,672,856. The company has a 50-day moving average of $13.73 and a 200 day moving average of $8.34. The company has a market capitalization of $279.67 million, a price-to-earnings ratio of 6.20 and a beta of 0.23. The company has a current ratio of 5.36, a quick ratio of 5.36 and a debt-to-equity ratio of 0.04. Q32 Bio has a one year low of $1.57 and a one year high of $23.57.

Insiders Place Their Bets

In related news, Director Orbimed Advisors Llc bought 1,875,000 shares of the business’s stock in a transaction on Thursday, May 28th. The shares were purchased at an average price of $8.00 per share, for a total transaction of $15,000,000.00. Following the completion of the transaction, the director directly owned 3,502,987 shares of the company’s stock, valued at approximately $28,023,896. This represents a 115.17% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Diyong Xu acquired 1,875,000 shares of the stock in a transaction dated Thursday, May 28th. The stock was purchased at an average cost of $8.00 per share, with a total value of $15,000,000.00. Following the purchase, the director directly owned 3,502,987 shares of the company’s stock, valued at $28,023,896. This trade represents a 115.17% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 34.46% of the company’s stock.

Institutional Investors Weigh In On Q32 Bio

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Marshall Wace LLP bought a new stake in Q32 Bio during the second quarter worth $25,000. Acadian Asset Management LLC bought a new stake in Q32 Bio in the 1st quarter worth about $50,000. Two Sigma Investments LP purchased a new stake in Q32 Bio in the 3rd quarter valued at about $62,000. ADAR1 Capital Management LLC purchased a new stake in Q32 Bio in the 4th quarter valued at about $66,000. Finally, AQR Capital Management LLC bought a new position in shares of Q32 Bio during the 1st quarter worth approximately $68,000. 31.32% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

QTTB has been the subject of several research reports. Cantor Fitzgerald assumed coverage on shares of Q32 Bio in a report on Monday, May 18th. They set an “overweight” rating for the company. Weiss Ratings raised shares of Q32 Bio from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Monday, May 11th. Zacks Research downgraded Q32 Bio from a “strong-buy” rating to a “hold” rating in a research report on Monday, May 18th. Mizuho started coverage on Q32 Bio in a report on Friday, May 22nd. They set an “outperform” rating and a $14.00 price objective on the stock. Finally, HC Wainwright raised their target price on Q32 Bio from $13.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday, July 28th. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

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.