Jefferies Financial Group Initiates Coverage on Q32 Bio (NASDAQ:QTTB)

Jefferies Financial Group started coverage on shares of Q32 Bio (NASDAQ:QTTB) in a research report issued on Monday, MarketBeat Ratings reports. The firm set a “buy” rating and a $29.00 price target on the stock. Jefferies Financial Group’s price target would suggest a potential upside of 204.30% from the stock’s previous close.

QTTB has been the topic of several other reports. Mizuho upgraded shares of Q32 Bio to a “strong-buy” rating in a research note on Monday, September 7th. Weiss Ratings upgraded shares of Q32 Bio from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, August 21st. Oppenheimer upped their price target on shares of Q32 Bio from $20.00 to $40.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Morgan Stanley assumed coverage on Q32 Bio in a research report on Monday, August 24th. They issued an “overweight” rating and a $34.00 price objective on the stock. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Q32 Bio in a research note on Wednesday, September 16th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Q32 Bio currently has an average rating of “Buy” and an average price target of $30.60.

Q32 Bio Price Performance

Shares of QTTB traded up $0.30 during mid-day trading on Monday, hitting $9.53. The stock had a trading volume of 913,840 shares, compared to its average volume of 738,568. The firm has a market cap of $283.71 million, a P/E ratio of 3.18 and a beta of 0.21. The business has a fifty day moving average price of $13.80 and a 200-day moving average price of $10.75. Q32 Bio has a 52 week low of $1.90 and a 52 week high of $23.57.

Q32 Bio (NASDAQ:QTTB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.02. As a group, research analysts expect that Q32 Bio will post -1.54 earnings per share for the current fiscal year.

Insider Activity

In other Q32 Bio news, CFO Lee Kalowski sold 3,972 shares of the firm’s stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $65,776.32. Following the sale, the chief financial officer owned 138,471 shares in the company, valued at $2,293,079.76. This trade represents a 2.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at 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 dated 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 transaction, the chief executive officer owned 343,259 shares of the company’s stock, valued at $5,684,369.04. The trade was a 2.79% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 16,615 shares of company stock worth $275,144. 34.46% of the stock is currently owned by corporate insiders.

Institutional Trading of Q32 Bio

Several hedge funds and other institutional investors have recently bought and sold shares of QTTB. Atlas Venture Life Science Advisors LLC raised its stake in shares of Q32 Bio by 29.9% during the second 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. purchased a new stake in shares of Q32 Bio in the 2nd quarter valued at $1,510,000. Renaissance Technologies LLC boosted its stake in shares of Q32 Bio by 107.7% in the 1st quarter. Renaissance Technologies LLC now owns 206,915 shares of the company’s stock valued at $1,328,000 after purchasing an additional 107,315 shares in the last quarter. Carlyle Group Inc. bought a new position in shares of Q32 Bio during the 2nd quarter valued at $769,000. Finally, Squarepoint Ops LLC bought a new position in shares of Q32 Bio during the 2nd quarter valued at $303,000. Hedge funds and other institutional investors own 31.32% of the company’s stock.

Q32 Bio Company Profile

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.