Q32 Bio (NASDAQ:QTTB) Downgraded to Neutral Rating by Piper Sandler

Piper Sandler lowered shares of Q32 Bio (NASDAQ:QTTB) from an overweight rating to a neutral rating in a research report report published on Tuesday morning, Marketbeat Ratings reports. The brokerage currently has $4.00 price objective on the stock, down from their previous price objective of $20.00.

Other equities research analysts have also issued reports about the stock. Oppenheimer reduced their target price on shares of Q32 Bio from $80.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, December 11th. Raymond James restated an “outperform” rating and issued a $22.00 price objective (down from $90.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Leerink Partners reaffirmed a “market perform” rating and set a $9.00 target price (down from $68.00) on shares of Q32 Bio in a 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. Finally, Leerink Partnrs cut Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Six investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $24.86.

Q32 Bio Stock Performance

NASDAQ:QTTB opened at $2.88 on Tuesday. The stock’s 50-day moving average is $5.92 and its 200-day moving average is $28.77. Q32 Bio has a 1-year low of $2.60 and a 1-year high of $53.79. 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 market cap of $35.08 million, a P/E ratio of -0.20 and a beta of -0.32.

Hedge Funds Weigh In On Q32 Bio

Several institutional investors have recently added to or reduced their stakes in the business. Monaco Asset Management SAM bought a new stake in shares of Q32 Bio in the 4th quarter valued at $1,977,000. FMR LLC grew its holdings in Q32 Bio by 137.3% in 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 during the period. Eventide Asset Management LLC bought a new stake in Q32 Bio in the third quarter valued at $8,478,000. Rhumbline Advisers raised its holdings in shares of Q32 Bio by 1,164.3% during the fourth quarter. Rhumbline Advisers now owns 105,544 shares of the company’s stock valued at $363,000 after purchasing an additional 97,196 shares during the period. Finally, Point72 Asset Management L.P. bought a new position in shares of Q32 Bio during the 3rd quarter worth about $3,422,000. 31.32% of the stock is owned by institutional investors and hedge funds.

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.