Quince Therapeutics (NASDAQ:QNCX) Stock Price Up 9.1% – Time to Buy?

Quince Therapeutics, Inc. (NASDAQ:QNCX) shot up 9.1% during trading on Friday . The stock traded as high as $30.00 and last traded at $29.48. 48,834 shares were traded during mid-day trading, an increase of 176% from the average daily volume of 17,690 shares. The stock had previously closed at $27.01.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. Wall Street Zen downgraded Quince Therapeutics from a “hold” rating to a “sell” rating in a research report on Saturday, August 22nd. Oppenheimer began coverage on Quince Therapeutics in a report on Wednesday, July 29th. They issued an “outperform” rating and a $82.00 price target on the stock. Craig Hallum upgraded Quince Therapeutics to a “strong-buy” rating in a research report on Thursday, August 27th. Leerink Partners assumed coverage on Quince Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $80.00 price objective for the company. Finally, Zacks Research upgraded shares of Quince Therapeutics to a “hold” rating in a research report on Wednesday, June 24th. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $260.00.

Quince Therapeutics Stock Performance

The firm’s 50-day simple moving average is $27.43 and its 200 day simple moving average is $23.66. The company has a market cap of $30.07 million, a P/E ratio of -0.19 and a beta of 1.31.

Quince Therapeutics (NASDAQ:QNCX) last posted its quarterly earnings results on Friday, August 14th. The company reported ($12.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($28.02) by $15.71.

Hedge Funds Weigh In On Quince Therapeutics

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. 683 Capital Management LLC bought a new stake in shares of Quince Therapeutics in the 4th quarter valued at about $798,000. Intellectus Partners LLC acquired a new stake in shares of Quince Therapeutics in the 4th quarter valued at approximately $179,000. Finally, BlackRock Inc. bought a new position in Quince Therapeutics during the 2nd quarter worth approximately $31,000. Institutional investors own 30.75% of the company’s stock.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for rare diseases. The company’s research centers on its erythrocyte-derived extracellular vesicle (EEV) platform, which uses patients’ red blood cells to encapsulate and deliver therapeutic compounds.

Quince’s lead investigational product is eDSP, formerly known as EryDex, an autologous red-blood-cell-based formulation of dexamethasone sodium phosphate being developed for ataxia-telangiectasia (A-T).