Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Shares Shorted: Short Interest Down 76.0% in September

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 126,292 shares, a decline of 76.0% from the August 31st total of 526,654 shares. Based on an average daily volume of 152,599 shares, the days-to-cover ratio is presently 0.8 days. Approximately 7.1% of the shares of the company are short sold.

Quoin Pharmaceuticals Stock Performance

QNRX traded down $0.74 on Monday, reaching $5.68. The company had a trading volume of 51,695 shares, compared to its average volume of 301,372. The business has a 50 day simple moving average of $5.67 and a 200 day simple moving average of $5.68. The company has a market cap of $11.43 million, a price-to-earnings ratio of -0.23 and a beta of 1.51. Quoin Pharmaceuticals has a 52-week low of $3.25 and a 52-week high of $41.80.

Quoin Pharmaceuticals (NASDAQ:QNRX) last released its quarterly earnings results on Friday, August 14th. The company reported ($1.90) EPS for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.29). As a group, equities research analysts predict that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently weighed in on QNRX. ThinkEquity initiated coverage on shares of Quoin Pharmaceuticals in a report on Monday, June 15th. They set a “buy” rating on the stock. Lake Street Capital initiated coverage on shares of Quoin Pharmaceuticals in a report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price target for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Monday, July 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $20.00.

Insider Buying and Selling

In related news, CFO Sally Bridget Lawlor acquired 10,244 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $4.88 per share, with a total value of $49,990.72. Following the acquisition, the chief financial officer owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. This trade represents a 2,328.18% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Denise P. Carter bought 20,490 shares of the business’s stock in a transaction on Monday, August 31st. The stock was bought at an average price of $4.88 per share, with a total value of $99,991.20. Following the purchase, the chief operating officer owned 37,709 shares in the company, valued at $184,019.92. This trade represents a 119.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have purchased 57,370 shares of company stock valued at $279,966. 11.17% of the stock is owned by company insiders.

Institutional Investors Weigh In On Quoin Pharmaceuticals

A hedge fund recently raised its position in Quoin Pharmaceuticals stock. SummitTX Capital L.P. increased its stake in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,300 shares of the company’s stock after acquiring an additional 35,505 shares during the period. SummitTX Capital L.P. owned about 5.56% of Quoin Pharmaceuticals worth $662,000 as of its most recent SEC filing. 8.63% of the stock is currently owned by institutional investors.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases, with an initial emphasis on serious dermatological conditions. The company is developing proprietary topical formulations intended to deliver therapies directly to affected skin while addressing unmet medical needs in patient populations with limited treatment options.

Quoin’s lead product candidate, QRX003, is a topical lotion formulation of sirolimus being developed for the treatment of Netherton syndrome, a rare genetic skin disorder.