Q32 Bio (NASDAQ:QTTB) Stock Price Up 5% - Here's What Happened

Q32 Bio Inc. (NASDAQ:QTTB - Get Free Report)'s share price was up 5% during mid-day trading on Friday . The stock traded as high as $50.00 and last traded at $50.00. Approximately 11,712 shares traded hands during trading, a decline of 82% from the average daily volume of 66,612 shares. The stock had previously closed at $47.62.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on QTTB shares. Raymond James began coverage on Q32 Bio in a research note on Thursday. They set a "strong-buy" rating and a $90.00 price objective on the stock. Wells Fargo & Company began coverage on shares of Q32 Bio in a research report on Wednesday, September 11th. They set an "overweight" rating and a $95.00 price target on the stock. Five research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Q32 Bio has an average rating of "Buy" and an average price target of $72.33.

Q32 Bio Trading Up 6.2 %

The company has a quick ratio of 6.49, a current ratio of 6.49 and a debt-to-equity ratio of 0.37. The firm has a market cap of $604.15 million, a P/E ratio of -1.57 and a beta of -0.32. The firm's 50-day simple moving average is $44.42 and its 200 day simple moving average is $32.62.

Q32 Bio (NASDAQ:QTTB - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($1.42) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.00) by ($0.42). As a group, analysts expect that Q32 Bio Inc. will post -11.76 earnings per share for the current year.

Institutional Trading of Q32 Bio

Several hedge funds have recently made changes to their positions in QTTB. Values First Advisors Inc. purchased a new stake in Q32 Bio in the 3rd quarter worth about $33,000. Acadian Asset Management LLC purchased a new position in shares of Q32 Bio in the first quarter worth about $62,000. Rhumbline Advisers raised its position in shares of Q32 Bio by 11,681.5% in the second quarter. Rhumbline Advisers now owns 7,658 shares of the company's stock valued at $137,000 after purchasing an additional 7,593 shares during the period. Renaissance Technologies LLC purchased a new stake in shares of Q32 Bio during the 2nd quarter valued at approximately $265,000. Finally, Bank of New York Mellon Corp purchased a new position in Q32 Bio in the 2nd quarter valued at approximately $315,000. 31.32% of the stock is currently owned by institutional investors.

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.