Short Interest in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Grows By 373.2%

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) was the recipient of a large growth in short interest during the month of August. As of August 31st, there was short interest totaling 526,654 shares, a growth of 373.2% from the August 15th total of 111,299 shares. Currently, 29.5% of the company’s stock are short sold. Based on an average daily volume of 2,777,345 shares, the days-to-cover ratio is currently 0.2 days.

Insider Activity

In other news, COO Denise P. Carter purchased 20,490 shares of the business’s stock in a transaction on Monday, August 31st. The stock was purchased at an average price of $4.88 per share, for a total transaction of $99,991.20. Following the completion of the purchase, the chief operating officer directly owned 37,709 shares in the company, valued at $184,019.92. The trade was a 119.00% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sally Bridget Lawlor bought 10,244 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average price of $4.88 per share, with a total value of $49,990.72. Following the completion of the purchase, the chief financial officer directly owned 10,684 shares in the company, valued at $52,137.92. The trade was a 2,328.18% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders bought 57,370 shares of company stock valued at $279,966. 11.17% of the stock is owned by insiders.

Hedge Funds Weigh In On Quoin Pharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of QNRX. Ikarian Capital LLC bought a new position in Quoin Pharmaceuticals during the fourth quarter worth $3,052,000. Millennium Management LLC purchased a new stake in shares of Quoin Pharmaceuticals in the fourth quarter worth approximately $1,080,000. SummitTX Capital L.P. bought a new position in Quoin Pharmaceuticals during the 4th quarter valued at $935,000. Boothbay Fund Management LLC purchased a new position in Quoin Pharmaceuticals during the fourth quarter worth about $863,000. Finally, ADAR1 Capital Management LLC purchased a new position in shares of Quoin Pharmaceuticals in the 4th quarter worth approximately $840,000. 8.63% of the stock is currently owned by institutional investors.

Quoin Pharmaceuticals Stock Down 0.9%

NASDAQ QNRX traded down $0.06 on Friday, hitting $6.84. The company’s stock had a trading volume of 50,512 shares, compared to its average volume of 318,185. The firm has a market cap of $13.74 million, a PE ratio of -0.27 and a beta of 1.51. Quoin Pharmaceuticals has a 1-year low of $3.25 and a 1-year high of $41.80. The company’s 50-day moving average is $5.15 and its 200 day moving average is $5.81.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its earnings results on Friday, August 14th. The company reported ($1.90) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.29). On average, equities analysts expect that Quoin Pharmaceuticals will post -7.45 EPS for the current year.

Analysts Set New Price Targets

Several research firms recently weighed in on QNRX. Weiss Ratings reissued a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a report on Monday, July 20th. ThinkEquity initiated coverage on shares of Quoin Pharmaceuticals in a research report on Monday, June 15th. They set a “buy” rating for the company. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold”.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals, Ltd., a clinical stage specialty pharmaceutical company, focuses on the development and commercialization of therapeutic products for rare and orphan diseases. Its lead product is QRX003, a topical lotion to treat Netherton Syndrome (NS). The company is also developing QRX004 for the treatment of recessive dystrophic epidermolysis bullosa; QRX007 to treat NS; and QRX008 for the treatment of scleroderma. It has a research agreement with Queensland University of Technology; a license agreement with Skinvisible Inc; consulting agreements with Axella Research LLC; and a Master Service Agreement with Therapeutics Inc The company was founded in 2018 and is based in Ashburn, Virginia.