Wells Fargo & Company Begins Coverage on Q32 Bio (NASDAQ:QTTB)

Wells Fargo & Company started coverage on shares of Q32 Bio (NASDAQ:QTTB) in a research note issued to investors on Wednesday, Marketbeat.com reports. The brokerage issued an overweight rating and a $95.00 price objective on the stock.

A number of other analysts have also recently commented on QTTB. Leerink Partners started coverage on shares of Q32 Bio in a research note on Tuesday, May 21st. They issued an outperform rating and a $54.00 price target for the company. Guggenheim started coverage on shares of Q32 Bio in a research note on Monday, June 17th. They issued a buy rating and a $100.00 price target for the company. Finally, Leerink Partnrs upgraded shares of Q32 Bio to a strong-buy rating in a research note on Tuesday, May 21st. Five investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Buy and a consensus price target of $68.80.

Q32 Bio Trading Up 1.5 %

Q32 Bio stock opened at $46.15 on Wednesday. The company has a market capitalization of $556.57 million, a P/E ratio of -1.42 and a beta of -0.32. Q32 Bio has a 1-year low of $8.24 and a 1-year high of $53.79. The company has a fifty day simple moving average of $36.35. The company has a current ratio of 6.49, a quick ratio of 6.49 and a debt-to-equity ratio of 0.37.

Q32 Bio (NASDAQ:QTTB) last released its earnings results on Thursday, August 8th. The company reported ($1.42) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.00) by ($0.42). On average, equities research analysts forecast that Q32 Bio will post -11.76 EPS for the current year.

Institutional Trading of Q32 Bio

Hedge funds have recently modified their holdings of the stock. Acadian Asset Management LLC acquired a new stake in shares of Q32 Bio during the 1st quarter worth about $62,000. Rhumbline Advisers lifted its stake in shares of Q32 Bio by 11,681.5% during the 2nd quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock worth $137,000 after buying an additional 7,593 shares during the last quarter. Renaissance Technologies LLC acquired a new stake in shares of Q32 Bio during the 2nd quarter worth about $265,000. Bank of New York Mellon Corp acquired a new stake in shares of Q32 Bio during the 2nd quarter worth about $315,000. Finally, Ikarian Capital LLC acquired a new stake in Q32 Bio in the 1st quarter worth about $381,000. Institutional investors and hedge funds own 31.32% of the company’s stock.

About Q32 Bio

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.