Q32 Bio (NASDAQ:QTTB) Posts Quarterly Earnings Results, Beats Expectations By $0.10 EPS

Q32 Bio (NASDAQ:QTTB) announced its earnings results on Wednesday. The company reported ($0.26) EPS for the quarter, beating the consensus estimate of ($0.36) by $0.10, FiscalAI reports.

Q32 Bio Stock Up 0.2%

QTTB traded up $0.02 during trading on Wednesday, hitting $8.78. 101,491 shares of the company traded hands, compared to its average volume of 756,145. The firm has a market cap of $261.41 million, a P/E ratio of 2.93 and a beta of 0.45. The stock’s fifty day moving average is $10.15 and its 200 day moving average is $9.27. Q32 Bio has a one year low of $1.90 and a one year high of $23.57.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Q32 Bio in a research note on Wednesday, September 16th. Morgan Stanley initiated coverage on shares of Q32 Bio in a report on Monday, August 24th. They issued an “overweight” rating and a $34.00 target price for the company. Weiss Ratings raised shares of Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. HC Wainwright raised their price target on shares of Q32 Bio from $13.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Finally, Oppenheimer restated an “outperform” rating on shares of Q32 Bio in a report on Thursday, October 1st. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat, Q32 Bio currently has an average rating of “Moderate Buy” and an average target price of $32.17.

Insiders Place Their Bets

In other Q32 Bio news, insider Shelia Violette sold 2,798 shares of Q32 Bio stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total value of $46,334.88. Following the sale, the insider owned 127,771 shares of the company’s stock, valued at approximately $2,115,887.76. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jodie Morrison sold 3,221 shares of the business’s stock in a transaction dated Tuesday, October 6th. The shares were sold at an average price of $8.32, for a total transaction of $26,798.72. Following the completion of the transaction, the chief executive officer owned 340,038 shares in the company, valued at approximately $2,829,116.16. The trade was a 0.94% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 22,054 shares of company stock valued at $320,397. Company insiders own 34.46% of the company’s stock.

Hedge Funds Weigh In On Q32 Bio

Several institutional investors have recently bought and sold shares of the company. ADAR1 Capital Management LLC increased its position in Q32 Bio by 75.0% in the first quarter. ADAR1 Capital Management LLC now owns 35,000 shares of the company’s stock worth $225,000 after buying an additional 15,000 shares during the last quarter. Cetera Investment Advisers purchased a new position in shares of Q32 Bio during the 1st quarter valued at $133,000. Susquehanna International Group LLP purchased a new position in shares of Q32 Bio during the 2nd quarter valued at $297,000. Squarepoint Ops LLC bought a new position in shares of Q32 Bio during the 2nd quarter worth $303,000. Finally, Carlyle Group Inc. bought a new position in shares of Q32 Bio during the 2nd quarter worth $769,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

About Q32 Bio

Q32 Bio Inc (NASDAQ: QTTB) is a clinical-stage biotechnology company focused on developing biologic therapies for diseases associated with immune-system dysfunction. The company’s research programs are designed to restore immune balance rather than broadly suppress immune activity.

Q32 Bio’s lead product candidate is bempikibart, formerly known as ADX-914, a fully human monoclonal antibody that targets activin receptor type IIA (ActRIIA). The company has evaluated bempikibart in inflammatory and autoimmune conditions, including atopic dermatitis and alopecia areata.

The company also has pursued additional immunology programs, including therapies intended to address complement-mediated disease.