Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) Sees Large Growth in Short Interest

Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) was the recipient of a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 33,700 shares, an increase of 159.2% from the February 29th total of 13,000 shares. Based on an average daily volume of 580,600 shares, the short-interest ratio is presently 0.1 days.

Institutional Trading of Quoin Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Virtu Financial LLC acquired a new stake in Quoin Pharmaceuticals in the first quarter valued at approximately $57,000. Renaissance Technologies LLC raised its holdings in Quoin Pharmaceuticals by 28.8% in the second quarter. Renaissance Technologies LLC now owns 64,932 shares of the company’s stock valued at $29,000 after acquiring an additional 14,532 shares in the last quarter. Finally, Jane Street Group LLC acquired a new stake in Quoin Pharmaceuticals in the third quarter valued at approximately $26,000. Institutional investors and hedge funds own 8.63% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Maxim Group reduced their price objective on shares of Quoin Pharmaceuticals from $15.00 to $4.00 and set a “buy” rating for the company in a research report on Friday, March 15th.

Quoin Pharmaceuticals Price Performance

Shares of QNRX traded up $0.10 during mid-day trading on Thursday, reaching $0.97. The stock had a trading volume of 136,601 shares, compared to its average volume of 618,523. The firm has a market cap of $960,201.00, a price-to-earnings ratio of -0.09 and a beta of 1.88. The business’s fifty day moving average is $2.48 and its 200 day moving average is $3.80. Quoin Pharmaceuticals has a 52-week low of $0.80 and a 52-week high of $12.00.

Quoin Pharmaceuticals Company Profile

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.