Leerink Partners Begins Coverage on Q32 Bio (NASDAQ:QTTB)

Research analysts at Leerink Partners assumed coverage on shares of Q32 Bio (NASDAQ:QTTB) in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage set an “outperform” rating and a $40.00 price target on the stock. Leerink Partners’ price objective would indicate a potential upside of 396.28% from the stock’s previous close.

QTTB has been the subject of several other reports. HC Wainwright boosted 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. Morgan Stanley began coverage on Q32 Bio in a research report on Monday, August 24th. They set an “overweight” rating and a $34.00 target price for the company. Weiss Ratings upgraded Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a report on Friday, August 21st. Oppenheimer reiterated an “outperform” rating on shares of Q32 Bio in a report on Thursday, October 1st. Finally, Jefferies Financial Group started coverage on shares of Q32 Bio in a research report on Monday, September 28th. They issued a “buy” rating and a $29.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.17.

Q32 Bio Price Performance

NASDAQ QTTB opened at $8.06 on Monday. Q32 Bio has a fifty-two week low of $1.90 and a fifty-two week high of $23.57. The stock’s 50-day moving average is $12.25 and its two-hundred day moving average is $10.88. The firm has a market cap of $239.95 million, a P/E ratio of 4.22 and a beta of 0.31.

Q32 Bio (NASDAQ:QTTB) last released its quarterly earnings results on Wednesday, August 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.02. On average, equities analysts expect that Q32 Bio will post -1.54 EPS for the current year.

Insider Transactions at Q32 Bio

In related news, CFO Lee Kalowski sold 3,972 shares of the company’s stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total transaction of $65,776.32. Following the completion of the transaction, the chief financial officer directly owned 138,471 shares in the company, valued at $2,293,079.76. This represents a 2.79% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 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 the company’s 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 transaction, the chief executive officer owned 343,259 shares of the company’s stock, valued at approximately $5,684,369.04. The trade was a 2.79% decrease in their ownership of the stock. 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. Over the last quarter, insiders have sold 16,615 shares of company stock worth $275,144. Insiders own 34.46% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Atlas Venture Life Science Advisors LLC lifted its stake in shares of Q32 Bio by 29.9% in the second quarter. Atlas Venture Life Science Advisors LLC now owns 2,717,106 shares of the company’s stock valued at $34,616,000 after buying an additional 625,000 shares during the period. Renaissance Technologies LLC grew its position in Q32 Bio by 107.7% during the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after buying an additional 107,315 shares in the last quarter. BlackRock Inc. bought a new position in Q32 Bio during the second quarter valued at about $1,510,000. Carlyle Group Inc. bought a new position in Q32 Bio during the second quarter valued at about $769,000. Finally, ADAR1 Capital Management LLC raised its holdings in Q32 Bio by 75.0% in the 1st quarter. ADAR1 Capital Management LLC now owns 35,000 shares of the company’s stock valued at $225,000 after acquiring an additional 15,000 shares in the last quarter. Institutional investors own 31.32% of the company’s stock.

Q32 Bio Company Profile

Q32 Bio is a clinical-stage biotechnology company focused on developing therapies designed to restore immune homeostasis and address diseases driven by immune dysregulation. The company’s approach targets pathways involved in the transforming growth factor beta superfamily, which plays a role in regulating inflammation, tissue repair and immune responses.

Q32 Bio’s lead product candidate is bempikibart, also known as ADX-914, a fully human monoclonal antibody designed to modulate immune activity through selective targeting of the activin receptor type IIA pathway.