Short Interest in Q32 Bio Inc. (NASDAQ:QTTB) Rises By 16.4%

Q32 Bio Inc. (NASDAQ:QTTB) was the target of a large increase in short interest in the month of August. As of August 31st, there was short interest totalling 364,600 shares, an increase of 16.4% from the August 15th total of 313,100 shares. Based on an average trading volume of 108,100 shares, the short-interest ratio is presently 3.4 days. Approximately 8.6% of the company’s shares are short sold.

Hedge Funds Weigh In On Q32 Bio

A number of hedge funds have recently added to or reduced their stakes in the business. Ensign Peak Advisors Inc raised its holdings in shares of Q32 Bio by 150.6% during the second 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. Renaissance Technologies LLC bought a new stake in shares of Q32 Bio during the 2nd quarter valued at about $265,000. Harvard Management Co. Inc. acquired a new stake in Q32 Bio during the second quarter worth about $2,925,000. Rhumbline Advisers lifted its holdings in Q32 Bio by 11,681.5% in the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after acquiring an additional 7,593 shares during the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in Q32 Bio in the second quarter valued at approximately $315,000. Institutional investors and hedge funds own 31.32% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Q32 Bio Price Performance

NASDAQ:QTTB traded down $1.17 during mid-day trading on Monday, reaching $44.98. The stock had a trading volume of 118,911 shares, compared to its average volume of 62,364. The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.37. The stock has a market cap of $537.15 million, a P/E ratio of -1.38 and a beta of -0.32. Q32 Bio has a 1-year low of $8.24 and a 1-year high of $53.79. The business has a 50 day simple moving average of $36.87.

Q32 Bio (NASDAQ:QTTB) last released its earnings results on Thursday, August 8th. The company reported ($1.42) EPS for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.42). Sell-side analysts anticipate that Q32 Bio will post -11.76 EPS for the current fiscal year.

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.