Short Interest in Quince Therapeutics, Inc. (NASDAQ:QNCX) Decreases By 94.4%

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the target of a significant decline in short interest in the month of June. As of June 30th, there was short interest totaling 112,788 shares, a decline of 94.4% from the June 15th total of 2,012,417 shares. Approximately 12.4% of the company’s shares are sold short. Based on an average daily volume of 23,583 shares, the short-interest ratio is currently 4.8 days.

Quince Therapeutics Stock Up 0.3%

Shares of QNCX stock traded up $0.05 on Friday, reaching $17.54. 23,629 shares of the stock were exchanged, compared to its average volume of 24,822. The stock has a market cap of $17.19 million, a P/E ratio of -0.08 and a beta of 1.40. The firm has a 50 day moving average of $20.66 and a two-hundred day moving average of $146.06. Quince Therapeutics has a 1-year low of $15.10 and a 1-year high of $909.98.

Quince Therapeutics (NASDAQ:QNCX) last issued its earnings results on Monday, May 11th. The company reported ($0.59) earnings per share for the quarter, beating analysts’ consensus estimates of ($26.00) by $25.41. On average, equities research analysts predict that Quince Therapeutics will post -0.96 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

QNCX has been the topic of several recent analyst reports. Wall Street Zen upgraded Quince Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Cantor Fitzgerald started coverage on Quince Therapeutics in a report on Tuesday, June 23rd. They issued an “overweight” rating and a $80.00 price target for the company. Weiss Ratings downgraded shares of Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 1st. Lifesci Capital upgraded shares of Quince Therapeutics to a “strong-buy” rating in a report on Monday, June 29th. Finally, Leerink Partners started coverage on shares of Quince Therapeutics in a research report on Wednesday, June 24th. They issued an “outperform” rating and a $80.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $690.00.

Hedge Funds Weigh In On Quince Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bridgeway Capital Management LLC grew its holdings in shares of Quince Therapeutics by 20.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock worth $212,000 after purchasing an additional 22,200 shares during the period. XTX Topco Ltd purchased a new position in Quince Therapeutics in the second quarter valued at approximately $37,000. Intellectus Partners LLC acquired a new position in Quince Therapeutics during the fourth quarter valued at approximately $179,000. Hudson Bay Capital Management LP acquired a new position in Quince Therapeutics during the fourth quarter valued at approximately $213,000. Finally, Renaissance Technologies LLC grew its stake in Quince Therapeutics by 14.8% during the fourth quarter. Renaissance Technologies LLC now owns 538,100 shares of the company’s stock worth $1,803,000 after buying an additional 69,502 shares during the period. 30.75% of the stock is owned by institutional investors and hedge funds.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.