Q32 Bio (NASDAQ:QTTB) Upgraded to Strong-Buy at Jefferies Financial Group

Jefferies Financial Group upgraded shares of Q32 Bio (NASDAQ:QTTB) to a strong-buy rating in a research note published on Monday morning,Zacks reports.

A number of other equities research analysts have also recently issued reports on QTTB. Weiss Ratings raised shares of Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, August 21st. Cantor Fitzgerald reissued an “overweight” rating on shares of Q32 Bio in a research note on Wednesday, September 16th. HC Wainwright boosted their price objective on shares of Q32 Bio from $13.00 to $36.00 and gave the company a “buy” rating in a research report on Tuesday, July 28th. Mizuho upgraded shares of Q32 Bio to a “strong-buy” rating in a report on Monday, September 7th. Finally, Morgan Stanley assumed coverage on shares of Q32 Bio in a research report on Monday, August 24th. They issued an “overweight” rating and a $34.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Q32 Bio presently has a consensus rating of “Buy” and a consensus price target of $30.60.

Q32 Bio Trading Up 5.2%

Shares of NASDAQ QTTB opened at $9.23 on Monday. The stock has a market cap of $274.78 million, a price-to-earnings ratio of 3.08 and a beta of 0.21. Q32 Bio has a 1-year low of $1.83 and a 1-year high of $23.57. The stock’s 50-day moving average is $13.80 and its 200 day moving average is $10.75.

Q32 Bio (NASDAQ:QTTB) last issued its earnings results on Wednesday, August 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.46) by $0.02. On average, analysts forecast that Q32 Bio will post -1.54 EPS for the current fiscal year.

Insider Transactions at Q32 Bio

In related news, insider Shelia M. Violette sold 2,798 shares of Q32 Bio stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $46,334.88. Following the sale, the insider directly owned 127,771 shares in the company, valued at $2,115,887.76. The trade was a 2.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Jodie Morrison sold 9,845 shares of the company’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total value of $163,033.20. Following the completion of the sale, the chief executive officer directly owned 343,259 shares in the company, valued at approximately $5,684,369.04. The trade was a 2.79% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders sold 16,615 shares of company stock valued at $275,144. Corporate insiders own 34.46% of the company’s stock.

Hedge Funds Weigh In On Q32 Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Atlas Venture Life Science Advisors LLC increased its stake in shares of Q32 Bio by 29.9% in the 2nd quarter. Atlas Venture Life Science Advisors LLC now owns 2,717,106 shares of the company’s stock worth $34,616,000 after acquiring an additional 625,000 shares in the last quarter. BlackRock Inc. bought a new stake in Q32 Bio during the second quarter worth about $1,510,000. Renaissance Technologies LLC boosted its stake in Q32 Bio by 107.7% during the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock worth $1,328,000 after acquiring an additional 107,315 shares in the last quarter. Carlyle Group Inc. purchased a new stake in Q32 Bio in the second quarter worth about $769,000. Finally, Squarepoint Ops LLC purchased a new stake in Q32 Bio in the second quarter worth about $303,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

About Q32 Bio

Q32 Bio Inc is a clinical-stage biotechnology company focused on developing therapies for diseases associated with immune dysregulation. The company’s research is aimed at restoring balance in the immune system by targeting biological pathways involved in inflammation, tissue repair and immune regulation.

Q32 Bio’s lead product candidate is bempikibart, also known as ADX-914, a fully human monoclonal antibody designed to inhibit activin A signaling through the activin receptor type IIB pathway.