BMO Capital Markets Issues Pessimistic Forecast for Q32 Bio (NASDAQ:QTTB) Stock Price

Q32 Bio (NASDAQ:QTTB) had its target price cut by BMO Capital Markets from $64.00 to $22.00 in a research report report published on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

Several other research firms have also recently issued reports on QTTB. Leerink Partners reissued a “market perform” rating and issued a $9.00 price target (down previously from $68.00) 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 on the stock in a research note on Wednesday. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $16.00 price target (down from $95.00) on shares of Q32 Bio in a research note on Wednesday. Leerink Partnrs cut shares of Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Finally, Oppenheimer dropped their target price on Q32 Bio from $80.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Q32 Bio currently has a consensus rating of “Moderate Buy” and a consensus target price of $29.86.

Q32 Bio Stock Performance

Shares of QTTB stock opened at $3.70 on Thursday. Q32 Bio has a 12-month low of $3.67 and a 12-month high of $53.79. The company has a debt-to-equity ratio of 0.61, a current ratio of 6.53 and a quick ratio of 6.53. The firm has a market capitalization of $45.07 million, a price-to-earnings ratio of -0.26 and a beta of -0.46. The business has a 50 day simple moving average of $36.81 and a 200 day simple moving average of $34.18.

Institutional Trading of Q32 Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in QTTB. Franklin Resources Inc. bought a new stake in Q32 Bio during the third quarter worth approximately $225,000. Barclays PLC lifted its position in shares of Q32 Bio by 105.2% during the 3rd quarter. Barclays PLC now owns 10,443 shares of the company’s stock valued at $465,000 after acquiring an additional 5,353 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of 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 in the last quarter. Jane Street Group LLC acquired a new position in shares of Q32 Bio in the 3rd quarter worth $733,000. Finally, State Street Corp grew its holdings in shares of Q32 Bio by 35.5% in the 3rd 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 institutional investors.

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.