Wells Fargo & Company Cuts Q32 Bio (NASDAQ:QTTB) Price Target to $15.00

Q32 Bio (NASDAQ:QTTB) had its target price trimmed by Wells Fargo & Company from $16.00 to $15.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an equal weight rating on the stock.

A number of other brokerages have also weighed in on QTTB. Oppenheimer cut their price objective on Q32 Bio from $80.00 to $20.00 and set an “outperform” rating on the stock in a research report on Wednesday, December 11th. Piper Sandler cut Q32 Bio from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $20.00 to $4.00 in a research note on Tuesday, February 11th. Leerink Partnrs lowered Q32 Bio from a “strong-buy” rating to a “hold” rating in a report on Wednesday, December 11th. Raymond James reissued an “outperform” rating and set a $22.00 price target (down previously from $90.00) on shares of Q32 Bio in a report on Wednesday, December 11th. Finally, Guggenheim lowered Q32 Bio from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 11th. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, Q32 Bio currently has a consensus rating of “Hold” and an average price target of $24.71.

Q32 Bio Stock Up 8.7 %

QTTB stock opened at $2.00 on Wednesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 6.53 and a current ratio of 6.53. The company has a market capitalization of $24.36 million, a price-to-earnings ratio of -0.14 and a beta of -0.27. Q32 Bio has a fifty-two week low of $1.80 and a fifty-two week high of $53.79. The stock has a fifty day moving average of $2.82 and a 200-day moving average of $23.03.

Q32 Bio (NASDAQ:QTTB) last released its quarterly earnings results on Tuesday, March 11th. The company reported ($1.16) earnings per share for the quarter, beating the consensus estimate of ($1.25) by $0.09. As a group, equities research analysts predict that Q32 Bio will post -12.32 earnings per share for the current year.

Institutional Investors Weigh In On Q32 Bio

A number of large investors have recently made changes to their positions in QTTB. Acorn Capital Advisors LLC acquired a new position in Q32 Bio during the fourth quarter worth $2,764,000. Monaco Asset Management SAM purchased a new position in shares of Q32 Bio during the fourth quarter worth about $1,977,000. FMR LLC grew its holdings in shares of Q32 Bio by 137.3% during the third quarter. FMR LLC now owns 426,302 shares of the company’s stock worth $19,022,000 after purchasing an additional 246,664 shares during the last quarter. Sanofi acquired a new stake in shares of Q32 Bio during the fourth quarter worth about $840,000. Finally, Eventide Asset Management LLC acquired a new stake in shares of Q32 Bio during the third quarter worth about $8,478,000. 31.32% of the stock is currently owned by hedge funds and other 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.