Q32 Bio (NASDAQ:QTTB) Rating Lowered to Hold at Leerink Partnrs

Q32 Bio (NASDAQ:QTTB - Get Free Report) was downgraded by investment analysts at Leerink Partnrs from a "strong-buy" rating to a "hold" rating in a report issued on Wednesday,Zacks.com reports.

Several other brokerages also recently issued reports on QTTB. Wells Fargo & Company reiterated an "equal weight" rating and set a $16.00 price target (down previously from $95.00) on shares of Q32 Bio in a research report on Wednesday. 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 research report on Wednesday. BMO Capital Markets assumed coverage on shares of Q32 Bio in a report on Friday, December 6th. They issued an "outperform" rating and a $64.00 price target for the company. Raymond James reaffirmed an "outperform" rating and set a $22.00 price objective (down previously from $90.00) on shares of Q32 Bio in a report on Wednesday. Finally, Guggenheim cut Q32 Bio from a "buy" rating to a "neutral" rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $29.86.

Q32 Bio Price Performance

QTTB traded down $1.62 during trading on Wednesday, hitting $4.33. The company's stock had a trading volume of 1,926,350 shares, compared to its average volume of 95,343. The firm's 50 day moving average price is $38.40 and its two-hundred day moving average price is $34.49. The company has a quick ratio of 6.53, a current ratio of 6.53 and a debt-to-equity ratio of 0.61. The stock has a market capitalization of $52.74 million, a price-to-earnings ratio of -0.33 and a beta of -0.46. Q32 Bio has a 12 month low of $4.29 and a 12 month high of $53.79.

Institutional Investors Weigh In On Q32 Bio

A number of institutional investors have recently made changes to their positions in QTTB. FMR LLC lifted its stake in Q32 Bio by 137.3% in the third quarter. FMR LLC now owns 426,302 shares of the company's stock valued at $19,022,000 after buying an additional 246,664 shares during the period. Eventide Asset Management LLC bought a new stake in shares of Q32 Bio in the 3rd quarter valued at about $8,478,000. Harvard Management Co. Inc. acquired a new stake in shares of Q32 Bio in the 2nd quarter valued at approximately $2,925,000. Geode Capital Management LLC boosted its stake in Q32 Bio by 22.4% during the 3rd quarter. Geode Capital Management LLC now owns 131,768 shares of the company's stock worth $5,881,000 after acquiring an additional 24,114 shares during the last quarter. Finally, State Street Corp grew its holdings in Q32 Bio by 35.5% during the third quarter. State Street Corp now owns 110,164 shares of the company's stock valued at $4,916,000 after purchasing an additional 28,865 shares during the period. 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.