Oppenheimer Has Lowered Expectations for Q32 Bio (NASDAQ:QTTB) Stock Price

Q32 Bio (NASDAQ:QTTB) had its price objective reduced by equities research analysts at Oppenheimer from $80.00 to $20.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “outperform” rating on the stock. Oppenheimer’s target price would indicate a potential downside of 18.07% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the company. Piper Sandler cut their price target on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday. Raymond James reaffirmed an “outperform” rating and issued a $22.00 target price (down from $90.00) on shares of Q32 Bio in a research note on Wednesday. BMO Capital Markets assumed coverage on shares of Q32 Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $64.00 price target on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $16.00 price objective (down from $95.00) on shares of Q32 Bio in a research report on Wednesday. Finally, Leerink Partners reiterated a “market perform” rating and issued a $9.00 target price (down from $68.00) on shares of Q32 Bio in a report on Wednesday. Two investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $35.86.

Q32 Bio Stock Up 7.7 %

Shares of NASDAQ QTTB opened at $24.41 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 company has a 50-day moving average of $39.13 and a 200 day moving average of $34.69. Q32 Bio has a 12-month low of $9.54 and a 12-month high of $53.79. The stock has a market cap of $297.34 million, a PE ratio of -1.71 and a beta of -0.46.

Institutional Trading of Q32 Bio

Several hedge funds have recently made changes to their positions in the business. FMR LLC increased its stake in Q32 Bio by 137.3% during the 3rd quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after buying an additional 246,664 shares during the period. Eventide Asset Management LLC purchased a new stake in shares of Q32 Bio during the third quarter worth $8,478,000. Harvard Management Co. Inc. acquired a new stake in shares of Q32 Bio in the second quarter valued at $2,925,000. Vanguard Group Inc. purchased a new position in Q32 Bio in the first quarter valued at $1,836,000. Finally, Point72 Asset Management L.P. acquired a new position in Q32 Bio during the 3rd quarter worth $3,422,000. Institutional investors and hedge funds 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.