Q32 Bio (NASDAQ:QTTB) Cut to Neutral at Piper Sandler

Q32 Bio (NASDAQ:QTTB) was downgraded by stock analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday,Finviz reports. They presently have a $4.00 price objective on the stock, down from their prior price objective of $20.00. Piper Sandler’s price objective points to a potential upside of 25.79% from the company’s current price.

Several other equities research analysts have also recently weighed in on the company. Raymond James reaffirmed an “outperform” rating and issued a $22.00 price target (down from $90.00) on shares of Q32 Bio in a research note on Wednesday, December 11th. Oppenheimer reduced their price target on 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 reaffirmed a “market perform” rating and issued a $9.00 price target (down from $68.00) on shares of Q32 Bio in a research note on Wednesday, December 11th. Leerink Partnrs cut Q32 Bio from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Finally, Guggenheim cut Q32 Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 11th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $27.57.

Q32 Bio Price Performance

QTTB opened at $3.18 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.53 and a current ratio of 6.53. Q32 Bio has a 52-week low of $2.90 and a 52-week high of $53.79. The stock has a market capitalization of $38.73 million, a PE ratio of -0.22 and a beta of -0.32. The stock’s 50 day moving average price is $6.39 and its 200-day moving average price is $29.02.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of QTTB. Values First Advisors Inc. bought a new position in shares of Q32 Bio during the third quarter valued at $33,000. FMR LLC increased its position in Q32 Bio by 137.3% during the third quarter. FMR LLC now owns 426,302 shares of the company’s stock valued at $19,022,000 after acquiring an additional 246,664 shares during the last quarter. BNP Paribas Financial Markets increased its position in Q32 Bio by 199.1% during the third quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock valued at $58,000 after acquiring an additional 864 shares during the last quarter. MetLife Investment Management LLC purchased a new stake in Q32 Bio during the third quarter valued at $159,000. Finally, Eventide Asset Management LLC purchased a new stake in Q32 Bio during the third quarter valued at $8,478,000. 31.32% of the stock is owned by institutional investors.

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.