Q32 Bio Inc. (NASDAQ:QTTB) Sees Significant Growth in Short Interest

Q32 Bio Inc. (NASDAQ:QTTB) saw a significant increase in short interest in the month of December. As of December 15th, there was short interest totalling 1,120,000 shares, an increase of 55.8% from the November 30th total of 719,100 shares. Based on an average trading volume of 279,800 shares, the days-to-cover ratio is currently 4.0 days. Currently, 24.2% of the shares of the company are short sold.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in QTTB. Values First Advisors Inc. acquired a new stake in Q32 Bio during the 3rd quarter valued at approximately $33,000. BNP Paribas Financial Markets raised its holdings in shares of Q32 Bio by 199.1% during the third quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock worth $58,000 after purchasing an additional 864 shares during the last quarter. MetLife Investment Management LLC acquired a new position in Q32 Bio during the third quarter valued at $159,000. Franklin Resources Inc. purchased a new stake in Q32 Bio in the third quarter valued at $225,000. Finally, Rhumbline Advisers grew its position in Q32 Bio by 11,681.5% during the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after purchasing an additional 7,593 shares during the period. Hedge funds and other institutional investors own 31.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. BMO Capital Markets reduced their target price on shares of Q32 Bio from $64.00 to $22.00 and set an “outperform” rating for the company in a report on Thursday, December 12th. Piper Sandler cut their price target on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, December 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $16.00 price target (down previously from $95.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Guggenheim cut shares of Q32 Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 11th. Finally, Leerink Partners reissued a “market perform” rating and set a $9.00 price objective (down previously from $68.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $29.86.

Q32 Bio Stock Down 6.5 %

QTTB traded down $0.22 on Monday, hitting $3.14. The company had a trading volume of 270,715 shares, compared to its average volume of 124,485. The stock has a market capitalization of $38.25 million, a price-to-earnings ratio of -0.22 and a beta of -0.46. The stock has a fifty day moving average price of $28.00 and a 200-day moving average price of $32.83. Q32 Bio has a 12-month low of $3.02 and a 12-month high of $53.79. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.53 and a current ratio of 6.53.

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.