Brokerages Set Q32 Bio Inc. (NASDAQ:QTTB) Target Price at $30.00

Q32 Bio Inc. (NASDAQ:QTTB) has been given an average recommendation of “Moderate Buy” by the six analysts that are presently covering the company, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $30.00.

QTTB has been the subject of several research reports. Mizuho began coverage on shares of Q32 Bio in a research report on Friday, May 22nd. They set an “outperform” rating and a $14.00 price objective for the company. Cantor Fitzgerald began coverage on shares of Q32 Bio in a research note on Monday, May 18th. They set an “overweight” rating for the company. Oppenheimer increased their target price on shares of Q32 Bio from $20.00 to $40.00 and gave the company an “outperform” rating in a research note on Monday, July 13th. HC Wainwright raised their target price on shares of Q32 Bio from $13.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Q32 Bio in a research report on Friday, August 7th.

Q32 Bio Stock Performance

Shares of QTTB stock opened at $15.37 on Thursday. Q32 Bio has a 1 year low of $1.62 and a 1 year high of $23.57. The stock has a market cap of $260.68 million, a PE ratio of 5.12 and a beta of 0.23. The business’s fifty day moving average is $14.14 and its 200-day moving average is $8.75.

Q32 Bio (NASDAQ:QTTB) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.44) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.02. Equities research analysts predict that Q32 Bio will post -1.53 earnings per share for the current year.

Insider Buying and Selling at Q32 Bio

In related news, Director Diyong Xu acquired 1,875,000 shares of Q32 Bio stock in a transaction dated Thursday, May 28th. The stock was acquired at an average cost of $8.00 per share, with a total value of $15,000,000.00. Following the purchase, the director directly owned 3,502,987 shares in the company, valued at $28,023,896. The trade was a 115.17% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Orbimed Advisors Llc bought 1,875,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 28th. The stock was bought at an average price of $8.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the director directly owned 3,502,987 shares in the company, valued at approximately $28,023,896. The trade was a 115.17% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 34.46% of the company’s stock.

Hedge Funds Weigh In On Q32 Bio

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Opaleye Management Inc. acquired a new stake in Q32 Bio during the 4th quarter worth about $708,000. BlackRock Inc. acquired a new position in shares of Q32 Bio in the second quarter worth about $1,510,000. Renaissance Technologies LLC boosted its holdings in shares of Q32 Bio by 107.7% in the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after buying an additional 107,315 shares during the period. Carlyle Group Inc. purchased a new position in shares of Q32 Bio in the second quarter worth approximately $769,000. Finally, Jane Street Group LLC purchased a new position in shares of Q32 Bio in the second quarter worth approximately $69,000. 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.