Q32 Bio Inc. (NASDAQ:QTTB) Sees Large Increase in Short Interest

Q32 Bio Inc. (NASDAQ:QTTB) saw a large growth in short interest in the month of December. As of December 31st, there was short interest totalling 1,470,000 shares, a growth of 31.3% from the December 15th total of 1,120,000 shares. Currently, 31.8% of the shares of the company are short sold. Based on an average daily trading volume, of 334,600 shares, the days-to-cover ratio is presently 4.4 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Values First Advisors Inc. acquired a new position in shares of Q32 Bio during the 3rd quarter worth approximately $33,000. BNP Paribas Financial Markets raised its holdings in shares of Q32 Bio by 199.1% in the third quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock worth $58,000 after acquiring an additional 864 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Q32 Bio by 11,681.5% in the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock valued at $137,000 after acquiring an additional 7,593 shares in the last quarter. MetLife Investment Management LLC purchased a new stake in shares of Q32 Bio in the third quarter valued at $159,000. Finally, Franklin Resources Inc. acquired a new stake in shares of Q32 Bio during the third quarter valued at $225,000. Institutional investors and hedge funds own 31.32% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on QTTB shares. Leerink Partners restated a “market perform” rating and issued a $9.00 target price (down previously from $68.00) on shares of Q32 Bio in a research note on Wednesday, December 11th. Leerink Partnrs downgraded shares of Q32 Bio from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Oppenheimer lowered their price objective on Q32 Bio from $80.00 to $20.00 and set an “outperform” rating on the stock in a report on Wednesday, December 11th. BMO Capital Markets cut their target price on Q32 Bio from $64.00 to $22.00 and set an “outperform” rating for the company in a research note on Thursday, December 12th. Finally, Piper Sandler reduced their price target on Q32 Bio from $85.00 to $20.00 and set an “overweight” rating for the company in a report on Wednesday, December 11th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $29.86.

Q32 Bio Price Performance

NASDAQ QTTB traded up $0.14 during mid-day trading on Friday, hitting $3.28. The stock had a trading volume of 173,275 shares, compared to its average volume of 526,346. The company has a 50 day simple moving average of $14.76 and a 200 day simple moving average of $31.17. The company has a market cap of $39.95 million, a price-to-earnings ratio of -0.23 and a beta of -0.30. Q32 Bio has a 52-week low of $2.99 and a 52-week high of $53.79. The company has a quick ratio of 6.53, a current ratio of 6.53 and a debt-to-equity ratio of 0.61.

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.