Q32 Bio (NASDAQ:QTTB) Shares Down 0.9% – What’s Next?

Q32 Bio Inc. (NASDAQ:QTTB)’s share price dropped 0.9% on Thursday . The stock traded as low as $26.14 and last traded at $27.04. Approximately 167,998 shares were traded during mid-day trading, an increase of 139% from the average daily volume of 70,286 shares. The stock had previously closed at $27.28.

Analysts Set New Price Targets

Several brokerages have recently issued reports on QTTB. Wells Fargo & Company began 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 on the stock. Raymond James assumed coverage on shares of Q32 Bio in a research report on Thursday, October 24th. They issued a “strong-buy” rating and a $90.00 price target on the stock. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $72.33.

Q32 Bio Stock Down 9.2 %

The firm’s 50-day simple moving average is $43.94 and its two-hundred day simple moving average is $34.88. The company has a debt-to-equity ratio of 0.61, a current ratio of 6.53 and a quick ratio of 6.53.

Institutional Investors Weigh In On Q32 Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. acquired a new position in Q32 Bio in the first quarter valued at about $1,836,000. Acadian Asset Management LLC bought a new stake in Q32 Bio during the 1st quarter worth approximately $62,000. ARCH Venture Management LLC acquired a new stake in Q32 Bio during the 1st quarter worth approximately $5,461,000. Ikarian Capital LLC bought a new position in Q32 Bio in the first quarter valued at approximately $381,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Q32 Bio in the second quarter valued at approximately $315,000. 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.