Q32 Bio (NASDAQ:QTTB) Shares Up 0.9%

Q32 Bio Inc. (NASDAQ:QTTB)’s stock price rose 0.9% during mid-day trading on Wednesday . The company traded as high as $21.90 and last traded at $20.69. Approximately 83,966 shares changed hands during trading, an increase of 89% from the average daily volume of 44,419 shares. The stock had previously closed at $20.50.

Analysts Set New Price Targets

QTTB has been the subject of a number of recent analyst reports. SVB Leerink initiated coverage on Q32 Bio in a research report on Tuesday, May 21st. They set an “outperform” rating and a $54.00 price objective for the company. Leerink Partnrs raised Q32 Bio to a “strong-buy” rating in a research report on Tuesday, May 21st. Piper Sandler began coverage on Q32 Bio in a research report on Tuesday, April 2nd. They issued an “overweight” rating and a $45.00 target price for the company. Oppenheimer began coverage on Q32 Bio in a research report on Thursday, April 11th. They issued an “outperform” rating and a $50.00 target price for the company. Finally, Guggenheim began coverage on Q32 Bio in a research report on Monday, June 17th. They issued a “buy” rating and a $100.00 target price for the company. Four research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $62.25.

Q32 Bio Stock Up 16.8 %

The company has a market capitalization of $313.07 million, a price-to-earnings ratio of -0.80 and a beta of -0.34. The company has a quick ratio of 4.19, a current ratio of 4.19 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average price of $22.85.

Q32 Bio (NASDAQ:QTTB) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($13.15) EPS for the quarter, missing analysts’ consensus estimates of ($1.42) by ($11.73). As a group, equities analysts forecast that Q32 Bio Inc. will post -10.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Q32 Bio

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Vivo Capital LLC purchased a new stake in Q32 Bio during the first quarter worth approximately $6,306,000. BML Capital Management LLC purchased a new stake in Q32 Bio during the first quarter worth approximately $424,000. Carlyle Group Inc. purchased a new stake in Q32 Bio during the first quarter worth approximately $18,074,000. Atlas Venture Life Science Advisors LLC purchased a new stake in Q32 Bio during the first quarter worth approximately $35,649,000. Finally, Vanguard Group Inc. purchased a new stake in Q32 Bio during the first quarter worth approximately $1,836,000. 31.32% of the stock is owned by institutional investors and hedge funds.

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.