Opaleye Management Inc. Decreases Stock Position in Q32 Bio Inc. $QTTB

Opaleye Management Inc. lessened its holdings in Q32 Bio Inc. (NASDAQ:QTTB) by 25.9% in the 2nd quarter, Holdings Channel.com reports. The fund owned 931,000 shares of the company’s stock after selling 325,228 shares during the period. Q32 Bio makes up 1.1% of Opaleye Management Inc.’s holdings, making the stock its 27th biggest holding. Opaleye Management Inc.’s holdings in Q32 Bio were worth $11,861,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of QTTB. Marshall Wace LLP purchased a new position in shares of Q32 Bio in the 2nd quarter valued at approximately $25,000. Acadian Asset Management LLC purchased a new stake in Q32 Bio during the 1st quarter worth approximately $50,000. Two Sigma Investments LP purchased a new stake in Q32 Bio during the 3rd quarter worth approximately $62,000. ADAR1 Capital Management LLC acquired a new position in Q32 Bio during the 4th quarter valued at approximately $66,000. Finally, XTX Topco Ltd acquired a new position in Q32 Bio during the 4th quarter valued at approximately $68,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

Q32 Bio Stock Performance

Shares of NASDAQ QTTB opened at $10.72 on Friday. The company has a market capitalization of $319.13 million, a PE ratio of 3.57 and a beta of 0.21. The company’s fifty day moving average price is $14.90 and its 200 day moving average price is $10.29. Q32 Bio Inc. has a 1 year low of $1.69 and a 1 year high of $23.57.

Q32 Bio (NASDAQ:QTTB) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.44) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.02. On average, equities analysts expect that Q32 Bio Inc. will post -1.51 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on QTTB shares. Morgan Stanley started coverage on shares of Q32 Bio in a report on Monday, August 24th. They set an “overweight” rating and a $34.00 price objective on the stock. Zacks Research downgraded Q32 Bio from a “strong-buy” rating to a “hold” rating in a research note on Monday, May 18th. Oppenheimer increased their price objective on Q32 Bio from $20.00 to $40.00 and gave the company an “outperform” rating in a report on Monday, July 13th. Weiss Ratings upgraded Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Finally, HC Wainwright lifted their target price on Q32 Bio from $13.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Q32 Bio presently has a consensus rating of “Moderate Buy” and an average price target of $31.00.

Insider Buying and Selling

In other news, CFO Lee Kalowski sold 3,972 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $65,776.32. Following the transaction, the chief financial officer owned 138,471 shares in the company, valued at $2,293,079.76. This trade represents a 2.79% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jodie Morrison sold 9,845 shares of Q32 Bio stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total transaction of $163,033.20. Following the completion of the sale, the chief executive officer directly owned 343,259 shares in the company, valued at $5,684,369.04. This represents a 2.79% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 16,615 shares of company stock valued at $275,144. 34.46% of the stock is owned by company insiders.

Q32 Bio 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.