Guggenheim Downgrades Q32 Bio (NASDAQ:QTTB) to Neutral

Q32 Bio (NASDAQ:QTTB) was downgraded by investment analysts at Guggenheim from a “buy” rating to a “neutral” rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports.

Several other research analysts have also issued reports on QTTB. Piper Sandler dropped their target price on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating for the company in a research report on Wednesday. BMO Capital Markets initiated coverage on Q32 Bio in a research report on Friday, December 6th. They set an “outperform” rating and a $64.00 target price for the company. Raymond James restated an “outperform” rating and set a $22.00 target price (down previously from $90.00) on shares of Q32 Bio in a research report on Wednesday. Wells Fargo & Company restated an “equal weight” rating and set a $16.00 target price (down previously from $95.00) on shares of Q32 Bio in a research report on Wednesday. Finally, Leerink Partners restated a “market perform” rating and set a $9.00 target price (down previously from $68.00) on shares of Q32 Bio in a research report on Wednesday. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Q32 Bio has an average rating of “Moderate Buy” and an average price target of $29.86.

Q32 Bio Trading Down 28.6 %

QTTB opened at $4.25 on Wednesday. The firm has a market cap of $51.77 million, a P/E ratio of -0.30 and a beta of -0.46. Q32 Bio has a 12 month low of $4.17 and a 12 month high of $53.79. The company has a current ratio of 6.53, a quick ratio of 6.53 and a debt-to-equity ratio of 0.61. The stock has a 50-day moving average of $37.63 and a 200 day moving average of $34.28.

Institutional Trading of Q32 Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. bought a new stake in shares of Q32 Bio during the third quarter valued at approximately $3,422,000. FMR LLC raised its stake in Q32 Bio by 137.3% in the third quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after buying an additional 246,664 shares in the last quarter. Ensign Peak Advisors Inc raised its stake in Q32 Bio by 150.6% in the second quarter. Ensign Peak Advisors Inc now owns 64,481 shares of the company’s stock worth $1,157,000 after buying an additional 38,750 shares in the last quarter. Harvard Management Co. Inc. bought a new position in Q32 Bio in the second quarter worth approximately $2,925,000. Finally, Vanguard Group Inc. bought a new position in Q32 Bio in the first quarter worth approximately $1,836,000. Institutional investors own 31.32% of the company’s stock.

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.