Q32 Bio Inc. (NASDAQ:QTTB) Receives Average Rating of “Moderate Buy” from Brokerages

Q32 Bio Inc. (NASDAQ:QTTB) has been assigned a consensus rating of “Moderate Buy” from the eight analysts that are covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $29.86.

A number of brokerages recently commented on QTTB. Piper Sandler decreased their target price on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a report on Wednesday, December 11th. Raymond James reissued an “outperform” rating and issued a $22.00 target price (down from $90.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Wells Fargo & Company reissued an “equal weight” rating and set a $16.00 price target (down from $95.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Leerink Partners reiterated a “market perform” rating and set a $9.00 target price (down previously from $68.00) on shares of Q32 Bio in a research report on Wednesday, December 11th. Finally, BMO Capital Markets lowered their price target on Q32 Bio from $64.00 to $22.00 and set an “outperform” rating on the stock in a report on Thursday, December 12th.

Q32 Bio Stock Up 8.2 %

QTTB opened at $3.58 on Friday. The firm’s 50 day simple moving average is $28.91 and its two-hundred day simple moving average is $32.76. The company has a market capitalization of $43.61 million, a PE ratio of -0.25 and a beta of -0.46. Q32 Bio has a 1-year low of $3.02 and a 1-year high of $53.79. The company has a current ratio of 6.53, a quick ratio of 6.53 and a debt-to-equity ratio of 0.61.

Hedge Funds Weigh In On Q32 Bio

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its stake in shares of Q32 Bio by 137.3% in the 3rd quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after buying an additional 246,664 shares in the last quarter. Eventide Asset Management LLC bought a new stake in Q32 Bio during the third quarter worth approximately $8,478,000. Harvard Management Co. Inc. purchased a new stake in Q32 Bio during the second quarter valued at approximately $2,925,000. Point72 Asset Management L.P. bought a new stake in shares of Q32 Bio in the 3rd quarter valued at approximately $3,422,000. Finally, Ensign Peak Advisors Inc boosted its holdings in shares of Q32 Bio by 150.6% in the 2nd quarter. Ensign Peak Advisors Inc now owns 64,481 shares of the company’s stock worth $1,157,000 after purchasing an additional 38,750 shares during the period. Hedge funds and other institutional investors own 31.32% of the company’s stock.

About Q32 Bio

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.