Wells Fargo & Company Has Lowered Expectations for Q32 Bio (NASDAQ:QTTB) Stock Price

Q32 Bio (NASDAQ:QTTB) had its price target trimmed by Wells Fargo & Company from $16.00 to $15.00 in a research report sent to investors on Wednesday morning,Benzinga reports. The brokerage currently has an equal weight rating on the stock.

A number of other equities research analysts also recently weighed in on the company. Raymond James restated an “outperform” rating and issued a $22.00 target price (down from $90.00) on shares of Q32 Bio in a research report on Wednesday, December 11th. Guggenheim cut Q32 Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 11th. Oppenheimer dropped their price target on shares of Q32 Bio from $80.00 to $20.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 11th. Leerink Partners restated a “market perform” rating and issued a $9.00 price objective (down previously from $68.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Finally, BMO Capital Markets downgraded shares of Q32 Bio from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $22.00 to $3.00 in a research report on Tuesday, February 11th. Six investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $24.71.

Q32 Bio Stock Performance

Shares of NASDAQ QTTB opened at $1.90 on Wednesday. The company has a current ratio of 6.53, a quick ratio of 6.53 and a debt-to-equity ratio of 0.61. The stock has a 50 day simple moving average of $2.90 and a 200-day simple moving average of $23.44. The company has a market cap of $23.14 million, a PE ratio of -0.13 and a beta of -0.27. Q32 Bio has a 12-month low of $1.85 and a 12-month high of $53.79.

Q32 Bio (NASDAQ:QTTB) last issued its quarterly earnings data on Tuesday, March 11th. The company reported ($1.16) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.25) by $0.09. On average, equities research analysts forecast that Q32 Bio will post -12.32 EPS for the current year.

Institutional Investors Weigh In On Q32 Bio

Hedge funds have recently bought and sold shares of the company. Acorn Capital Advisors LLC bought a new stake in shares of Q32 Bio in the fourth quarter valued at about $2,764,000. Monaco Asset Management SAM bought a new position in Q32 Bio during the fourth quarter worth about $1,977,000. FMR LLC increased its holdings in shares of Q32 Bio by 137.3% during the third quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after buying an additional 246,664 shares in the last quarter. Sanofi acquired a new stake in shares of Q32 Bio during the fourth quarter worth approximately $840,000. Finally, Eventide Asset Management LLC acquired a new stake in shares of Q32 Bio during the third quarter worth approximately $8,478,000. 31.32% of the stock is currently owned by institutional investors.

Q32 Bio Company Profile

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.