Leerink Partners Begins Coverage on Q32 Bio (NASDAQ:QTTB)

Key Points

• Leerink Partners initiated coverage of Q32 Bio with an “outperform” rating and a $40 price target, implying approximately 380% upside from the stock’s reported $8.34 price. The analyst consensus remains “Moderate Buy,” with an average target of $32.17.
• Q32 Bio reported quarterly EPS of -$0.44, beating the consensus estimate of -$0.46, while analysts expect a full-year loss of approximately $1.54 per share.
• The clinical-stage biotechnology company is developing immune-regulating therapies, including lead candidate bempikibart (ADX-914); institutional investors own 31.32% of shares, while insiders own 34.46%.

Investment analysts at Leerink Partners started coverage on shares of Q32 Bio (NASDAQ:QTTB - Get Free Report) in a research note issued on Monday, Benzinga reports. The brokerage set an "outperform" rating and a $40.00 price target on the stock. Leerink Partners' target price indicates a potential upside of 379.62% from the stock's current price.

Several other equities analysts have also recently issued reports on QTTB. Oppenheimer reaffirmed an "outperform" rating on shares of Q32 Bio in a research report on Thursday, October 1st. Jefferies Financial Group started coverage on Q32 Bio in a report on Monday, September 28th. They issued a "buy" rating and a $29.00 target price for the company. HC Wainwright boosted their price target on Q32 Bio from $13.00 to $36.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Morgan Stanley initiated coverage on Q32 Bio in a report on Monday, August 24th. They set an "overweight" rating and a $34.00 price target on the stock. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Q32 Bio in a research report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $32.17.

Q32 Bio Stock Performance

Shares of Q32 Bio stock opened at $8.34 on Monday. The company has a 50-day simple moving average of $12.54 and a two-hundred day simple moving average of $10.86. The stock has a market capitalization of $248.28 million, a PE ratio of 2.78 and a beta of 0.31. Q32 Bio has a 52-week low of $1.90 and a 52-week high of $23.57.

Q32 Bio (NASDAQ:QTTB - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.44) EPS for the quarter, beating analysts' consensus estimates of ($0.46) by $0.02. As a group, equities research analysts forecast that Q32 Bio will post -1.54 EPS for the current fiscal year.

Insider Transactions at Q32 Bio

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 value of $65,776.32. Following the transaction, the chief financial officer directly owned 138,471 shares of the company's stock, valued at approximately $2,293,079.76. This trade represents a 2.79% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible 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 business's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total value of $163,033.20. Following the sale, the chief executive officer owned 343,259 shares of the company's stock, valued at approximately $5,684,369.04. This represents 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. Insiders have sold a total of 16,615 shares of company stock worth $275,144 in the last ninety days. Insiders own 34.46% of the company's stock.

Institutional Investors Weigh In On Q32 Bio

Several hedge funds and other institutional investors have recently made changes to their positions in QTTB. Atlas Venture Life Science Advisors LLC boosted its holdings in shares of Q32 Bio by 29.9% in 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 buying an additional 625,000 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Q32 Bio by 107.7% during the first quarter. Renaissance Technologies LLC now owns 206,915 shares of the company's stock valued at $1,328,000 after buying an additional 107,315 shares during the last quarter. BlackRock Inc. purchased a new stake in Q32 Bio during the second quarter valued at approximately $1,510,000. Carlyle Group Inc. purchased a new stake in Q32 Bio during the second quarter valued at approximately $769,000. Finally, ADAR1 Capital Management LLC raised its position in Q32 Bio by 75.0% in the first quarter. ADAR1 Capital Management LLC now owns 35,000 shares of the company's stock worth $225,000 after acquiring an additional 15,000 shares during the period. Hedge funds and other institutional investors own 31.32% of the company's stock.

About Q32 Bio

Q32 Bio is a clinical-stage biotechnology company focused on developing therapies designed to restore immune homeostasis and address diseases driven by immune dysregulation. The company's approach targets pathways involved in the transforming growth factor beta superfamily, which plays a role in regulating inflammation, tissue repair and immune responses.

Q32 Bio's lead product candidate is bempikibart, also known as ADX-914, a fully human monoclonal antibody designed to modulate immune activity through selective targeting of the activin receptor type IIA pathway.

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