Q32 Bio (NASDAQ:QTTB) Releases Earnings Results, Beats Expectations By $0.07 EPS

Q32 Bio (NASDAQ:QTTB) released its earnings results on Wednesday. The company reported ($0.26) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.33) by $0.07, FiscalAI reports.

Q32 Bio Stock Performance

NASDAQ:QTTB opened at $9.25 on Friday. The business has a 50 day moving average price of $9.72 and a 200-day moving average price of $9.35. The firm has a market cap of $275.37 million, a PE ratio of 4.21 and a beta of 0.45. Q32 Bio has a fifty-two week low of $1.90 and a fifty-two week high of $23.57.

Analyst Ratings Changes

Several equities analysts recently commented on QTTB shares. Morgan Stanley started coverage on shares of Q32 Bio in a research report on Monday, August 24th. They set an “overweight” rating and a $34.00 price target for the company. 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 note on Tuesday, July 28th. Oppenheimer reissued an “outperform” rating on shares of Q32 Bio in a research report on Thursday, October 1st. Cantor Fitzgerald reissued an “overweight” rating on shares of Q32 Bio in a research report on Wednesday, September 16th. Finally, Leerink Partners initiated coverage on shares of Q32 Bio in a research note on Monday, October 12th. They issued an “outperform” rating and a $40.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Q32 Bio presently has a consensus rating of “Moderate Buy” and a consensus price target of $32.17.

Insider Buying and Selling

In other news, CEO Jodie Morrison sold 9,845 shares of Q32 Bio stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total transaction of $163,033.20. Following the sale, the chief executive officer owned 343,259 shares of the company’s stock, valued at approximately $5,684,369.04. The trade was a 2.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Shelia Violette sold 2,798 shares of the company’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $46,334.88. Following the transaction, the insider owned 127,771 shares in the company, valued at $2,115,887.76. The trade was a 2.14% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 22,054 shares of company stock worth $320,397 in the last ninety days. 34.46% of the stock is owned by insiders.

Institutional Trading of Q32 Bio

Hedge funds have recently bought and sold shares of the business. Atlas Venture Life Science Advisors LLC lifted its position in Q32 Bio by 29.9% during the second quarter. Atlas Venture Life Science Advisors LLC now owns 2,717,106 shares of the company’s stock valued at $34,616,000 after buying an additional 625,000 shares during the period. BlackRock Inc. purchased a new position in Q32 Bio in the second quarter worth $1,510,000. Renaissance Technologies LLC boosted its position in shares of Q32 Bio by 107.7% in the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after buying an additional 107,315 shares during the period. Carlyle Group Inc. acquired a new position in shares of Q32 Bio during the second quarter valued at $769,000. Finally, Fisher Asset Management LLC bought a new stake in Q32 Bio in the third quarter worth $308,000. Institutional investors and hedge funds own 31.32% of the company’s stock.

Q32 Bio Company Profile

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.