Quince Therapeutics Shares to Reverse Split on Tuesday, June 30th (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) shares are going to reverse split on Tuesday, June 30th. The 1-20 reverse split was announced on Friday, June 26th. The number of shares owned by shareholders will be adjusted after the closing bell on Monday, June 29th.

Quince Therapeutics Stock Down 3.3%

Shares of NASDAQ:QNCX traded down $0.03 during trading on Friday, hitting $0.94. 321,432 shares of the company were exchanged, compared to its average volume of 5,849,831. The company has a market capitalization of $15.38 million, a P/E ratio of -0.09 and a beta of 1.40. Quince Therapeutics has a 1-year low of $0.79 and a 1-year high of $45.50. The business’s 50 day moving average is $1.13 and its 200-day moving average is $10.01.

Quince Therapeutics (NASDAQ:QNCX) last posted its earnings results on Monday, May 11th. The company reported ($0.59) EPS for the quarter, beating the consensus estimate of ($1.30) by $0.71. As a group, sell-side analysts anticipate that Quince Therapeutics will post -0.43 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Wall Street Zen upgraded Quince Therapeutics from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Zacks Research raised Quince Therapeutics to a “hold” rating in a research report on Wednesday. Weiss Ratings lowered Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 1st. Cantor Fitzgerald began coverage on Quince Therapeutics in a research report on Tuesday. They set an “overweight” rating and a $4.00 price target on the stock. Finally, Leerink Partners began coverage on Quince Therapeutics in a research note on Wednesday. They set an “outperform” rating and a $4.00 price target for the company. Two equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Quince Therapeutics has an average rating of “Hold” and an average price target of $34.50.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Nantahala Capital Management LLC lifted its position in shares of Quince Therapeutics by 21.6% during the third quarter. Nantahala Capital Management LLC now owns 3,073,729 shares of the company’s stock worth $5,010,000 after acquiring an additional 545,427 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in shares of Quince Therapeutics during the 4th quarter valued at $7,538,000. Vanguard Group Inc. raised its stake in shares of Quince Therapeutics by 21.3% during the 3rd quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock valued at $2,874,000 after purchasing an additional 309,349 shares during the period. Millennium Management LLC lifted its holdings in Quince Therapeutics by 1,152.9% during the 3rd quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock worth $2,260,000 after purchasing an additional 1,276,094 shares in the last quarter. Finally, Almitas Capital LLC lifted its holdings in Quince Therapeutics by 88.0% during the 4th quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock worth $3,116,000 after purchasing an additional 435,356 shares in the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.