Q32 Bio (NASDAQ:QTTB) Trading 8.2% Higher

Q32 Bio Inc. (NASDAQ:QTTB) was up 8.2% during trading on Tuesday . The stock traded as high as $49.17 and last traded at $48.68. Approximately 23,483 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 62,114 shares. The stock had previously closed at $44.98.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on QTTB. Leerink Partners initiated coverage on shares of Q32 Bio in a research report on Tuesday, May 21st. They set an “outperform” rating and a $54.00 price objective on the stock. Guggenheim started coverage on shares of Q32 Bio in a report on Monday, June 17th. They set a “buy” rating and a $100.00 price target on the stock. Wells Fargo & Company initiated coverage on shares of Q32 Bio in a research note on Wednesday, September 11th. They issued an “overweight” rating and a $95.00 price objective for the company. Finally, Leerink Partnrs raised Q32 Bio to a “strong-buy” rating in a research report on Tuesday, May 21st. Five analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $68.80.

Q32 Bio Stock Performance

The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.37. The stock has a 50-day simple moving average of $36.87. The stock has a market capitalization of $572.38 million, a PE ratio of -1.49 and a beta of -0.32.

Q32 Bio (NASDAQ:QTTB) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($1.42) earnings per share for the quarter, missing the consensus estimate of ($1.00) by ($0.42). As a group, research analysts predict that Q32 Bio Inc. will post -11.76 earnings per share for the current year.

Institutional Investors Weigh In On Q32 Bio

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Atlas Venture Life Science Advisors LLC bought a new stake in Q32 Bio in the 1st quarter valued at $35,649,000. Carlyle Group Inc. acquired a new position in shares of Q32 Bio during the first quarter valued at about $18,074,000. ARCH Venture Management LLC bought a new stake in shares of Q32 Bio in the first quarter valued at about $5,461,000. Harvard Management Co. Inc. acquired a new stake in Q32 Bio during the second quarter worth about $2,925,000. Finally, Platinum Investment Management Ltd. bought a new position in Q32 Bio during the first quarter valued at about $1,874,000. Institutional investors and hedge funds 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.