Raymond James Reaffirms Outperform Rating for Q32 Bio (NASDAQ:QTTB)

Q32 Bio (NASDAQ:QTTB)‘s stock had its “outperform” rating restated by research analysts at Raymond James in a note issued to investors on Wednesday,Benzinga reports. They presently have a $22.00 price objective on the stock, down from their prior price objective of $90.00. Raymond James’ price target points to a potential downside of 9.87% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Leerink Partners reaffirmed a “market perform” rating and set a $9.00 price objective (down previously from $68.00) on shares of Q32 Bio in a research note on Wednesday. BMO Capital Markets initiated coverage on shares of Q32 Bio in a report on Friday, December 6th. They issued an “outperform” rating and a $64.00 target price for the company. Piper Sandler cut their price target on shares of Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a research note on Wednesday. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $16.00 price objective (down from $95.00) on shares of Q32 Bio in a research note on Wednesday. Two research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Q32 Bio currently has a consensus rating of “Moderate Buy” and an average target price of $40.14.

Q32 Bio Stock Performance

Q32 Bio stock opened at $24.41 on Wednesday. The stock has a fifty day moving average price of $39.13 and a 200 day moving average price of $34.69. Q32 Bio has a 52 week low of $9.54 and a 52 week high of $53.79. The firm has a market capitalization of $297.34 million, a P/E ratio of -1.71 and a beta of -0.46. The company has a current ratio of 6.53, a quick ratio of 6.53 and a debt-to-equity ratio of 0.61.

Hedge Funds Weigh In On Q32 Bio

Hedge funds have recently made changes to their positions in the business. Point72 Asset Management L.P. purchased a new stake in Q32 Bio during the 3rd quarter worth $3,422,000. FMR LLC lifted its stake 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 purchasing an additional 246,664 shares in the last quarter. Ensign Peak Advisors Inc boosted its position in shares of Q32 Bio by 150.6% in the second quarter. Ensign Peak Advisors Inc now owns 64,481 shares of the company’s stock worth $1,157,000 after buying an additional 38,750 shares during the period. Harvard Management Co. Inc. acquired a new stake in shares of Q32 Bio in the second quarter valued at about $2,925,000. Finally, Vanguard Group Inc. purchased a new stake in shares of Q32 Bio during the 1st quarter valued at about $1,836,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

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.