Insider Buying: Quoin Pharmaceuticals (NASDAQ:QNRX) CEO Acquires 20,490 Shares

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) CEO Michael Myers bought 20,490 shares of the stock in a transaction dated Monday, August 31st. The stock was bought at an average price of $4.88 per share, with a total value of $99,991.20. Following the purchase, the chief executive officer owned 37,713 shares of the company’s stock, valued at approximately $184,039.44. This represents a 118.97% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Quoin Pharmaceuticals Stock Performance

Shares of NASDAQ:QNRX traded up $0.29 during mid-day trading on Tuesday, hitting $6.51. 274,471 shares of the company traded hands, compared to its average volume of 1,602,162. The firm has a market cap of $13.09 million, a P/E ratio of -0.26 and a beta of 1.50. Quoin Pharmaceuticals, Ltd. Sponsored ADR has a 52-week low of $3.25 and a 52-week high of $41.80. The firm’s 50 day simple moving average is $4.77 and its 200 day simple moving average is $5.89.

Quoin Pharmaceuticals (NASDAQ:QNRX) last released its quarterly earnings results on Friday, August 14th. The company reported ($1.90) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.29). Equities research analysts expect that Quoin Pharmaceuticals, Ltd. Sponsored ADR will post -7.38 EPS for the current fiscal year.

Institutional Investors Weigh In On Quoin Pharmaceuticals

Hedge funds have recently bought and sold shares of the business. Simplify Asset Management Inc. acquired a new position in Quoin Pharmaceuticals in the fourth quarter worth $252,000. SummitTX Capital L.P. raised its holdings in shares of Quoin Pharmaceuticals by 54.8% during the first quarter. SummitTX Capital L.P. now owns 100,300 shares of the company’s stock worth $662,000 after purchasing an additional 35,505 shares during the period. ADAR1 Capital Management LLC acquired a new stake in shares of Quoin Pharmaceuticals during the fourth quarter worth $840,000. Boothbay Fund Management LLC acquired a new stake in shares of Quoin Pharmaceuticals during the fourth quarter worth $863,000. Finally, Millennium Management LLC bought a new position in shares of Quoin Pharmaceuticals in the 4th quarter worth about $1,080,000. Institutional investors and hedge funds own 8.63% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on QNRX. ThinkEquity initiated coverage on shares of Quoin Pharmaceuticals in a research report on Monday, June 15th. They set a “buy” rating on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a report on Monday, July 20th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals, Ltd., a clinical stage specialty pharmaceutical company, focuses on the development and commercialization of therapeutic products for rare and orphan diseases. Its lead product is QRX003, a topical lotion to treat Netherton Syndrome (NS). The company is also developing QRX004 for the treatment of recessive dystrophic epidermolysis bullosa; QRX007 to treat NS; and QRX008 for the treatment of scleroderma. It has a research agreement with Queensland University of Technology; a license agreement with Skinvisible Inc; consulting agreements with Axella Research LLC; and a Master Service Agreement with Therapeutics Inc The company was founded in 2018 and is based in Ashburn, Virginia.