Oppenheimer Issues Pessimistic Forecast for Q32 Bio (NASDAQ:QTTB) Stock Price

Q32 Bio (NASDAQ:QTTB - Get Free Report) had its price target dropped by stock analysts at Oppenheimer from $80.00 to $20.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an "outperform" rating on the stock. Oppenheimer's target price would suggest a potential upside of 236.13% from the stock's previous close.

Several other research analysts have also weighed in on QTTB. Wells Fargo & Company reaffirmed an "equal weight" rating and set a $16.00 target price (down previously from $95.00) on shares of Q32 Bio in a research note on Wednesday. Raymond James reaffirmed an "outperform" rating and set a $22.00 target price (down previously from $90.00) on shares of Q32 Bio in a research note on Wednesday. Piper Sandler lowered their target price on shares of Q32 Bio from $85.00 to $20.00 and set an "overweight" rating for the company in a research note on Wednesday. BMO Capital Markets assumed coverage on shares of Q32 Bio in a research note on Friday, December 6th. They set an "outperform" rating and a $64.00 target price for the company. Finally, Leerink Partners reaffirmed a "market perform" rating and set a $9.00 target price (down previously from $68.00) on shares of Q32 Bio in a research note on Wednesday. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Q32 Bio has a consensus rating of "Moderate Buy" and an average target price of $35.86.

Q32 Bio Trading Down 75.6 %

Shares of QTTB traded down $18.46 during mid-day trading on Wednesday, reaching $5.95. The stock had a trading volume of 3,394,429 shares, compared to its average volume of 87,810. The company has a debt-to-equity ratio of 0.61, a current ratio of 6.53 and a quick ratio of 6.53. Q32 Bio has a 52-week low of $5.80 and a 52-week high of $53.79. The business's fifty day moving average is $39.13 and its 200 day moving average is $34.69. The firm has a market cap of $72.48 million, a price-to-earnings ratio of -0.55 and a beta of -0.46.

Hedge Funds Weigh In On Q32 Bio

Several hedge funds have recently added to or reduced their stakes in the stock. FMR LLC increased 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 purchasing an additional 246,664 shares during the last quarter. Eventide Asset Management LLC purchased a new position in shares of Q32 Bio during the third quarter worth approximately $8,478,000. Harvard Management Co. Inc. purchased a new position in shares of Q32 Bio during the second quarter worth approximately $2,925,000. Geode Capital Management LLC grew its position in shares of Q32 Bio by 22.4% during the third 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 position in shares of Q32 Bio by 35.5% during the third quarter. State Street Corp now owns 110,164 shares of the company's stock worth $4,916,000 after acquiring an additional 28,865 shares during the last quarter. 31.32% of the stock is currently owned by hedge funds and other 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.