Opaleye Management Inc. Sells 325,228 Shares of Q32 Bio Inc. $QTTB

Key Points

• Opaleye Management cut its Q32 Bio position by 25.9%, selling 325,228 shares during the second quarter and retaining 931,000 shares worth approximately $11.9 million.
• Analyst sentiment remains positive: Q32 Bio has a consensus “Moderate Buy” rating and a $31 average price target, including Morgan Stanley’s $34 target and Oppenheimer’s $40 target.
• Q32 Bio reported a quarterly loss of $0.44 per share, narrowly beating estimates of a $0.46 loss. The stock opened at $10.72, versus a 52-week range of $1.69 to $23.57.

Opaleye Management Inc. reduced its position in Q32 Bio Inc. (NASDAQ:QTTB - Free Report) by 25.9% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 931,000 shares of the company's stock after selling 325,228 shares during the quarter. Q32 Bio accounts for approximately 1.1% of Opaleye Management Inc.'s holdings, making the stock its 27th biggest holding. Opaleye Management Inc. owned approximately 3.13% of Q32 Bio worth $11,861,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the business. Marshall Wace LLP bought a new position in shares of Q32 Bio during the second quarter valued at approximately $25,000. Acadian Asset Management LLC purchased a new position in Q32 Bio during the 1st quarter valued at $50,000. Two Sigma Investments LP purchased a new position in Q32 Bio during the 3rd quarter valued at $62,000. ADAR1 Capital Management LLC bought a new position in Q32 Bio in the 4th quarter valued at $66,000. Finally, XTX Topco Ltd bought a new position in Q32 Bio in the 4th quarter valued at $68,000. Hedge funds and other institutional investors own 31.32% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on QTTB. Weiss Ratings upgraded Q32 Bio from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, August 21st. Morgan Stanley began coverage on shares of Q32 Bio in a report on Monday, August 24th. They issued an "overweight" rating and a $34.00 price target on the stock. Cantor Fitzgerald assumed coverage on shares of Q32 Bio in a research note on Monday, May 18th. They issued an "overweight" rating on the stock. Oppenheimer lifted their price objective on shares of Q32 Bio from $20.00 to $40.00 and gave the company an "outperform" rating in a report on Monday, July 13th. Finally, Mizuho raised shares of Q32 Bio to a "strong-buy" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $31.00.

Q32 Bio Price Performance

Shares of NASDAQ QTTB opened at $10.72 on Friday. Q32 Bio Inc. has a 1-year low of $1.69 and a 1-year high of $23.57. The business has a fifty day moving average price of $14.90 and a 200 day moving average price of $10.29. The stock has a market capitalization of $319.13 million, a P/E ratio of 3.57 and a beta of 0.21.

Q32 Bio (NASDAQ:QTTB - Get Free Report) last posted its earnings results on Wednesday, August 5th. The company reported ($0.44) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.02. As a group, equities research analysts anticipate that Q32 Bio Inc. will post -1.51 earnings per share for the current fiscal year.

Insider Transactions at Q32 Bio

In other news, insider Shelia Violette sold 2,798 shares of Q32 Bio stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $16.56, for a total value of $46,334.88. Following the transaction, the insider owned 127,771 shares of the company's stock, valued at $2,115,887.76. The trade was a 2.14% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Lee Kalowski sold 3,972 shares of the business's stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $16.56, for a total transaction of $65,776.32. Following the transaction, the chief financial officer 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 position. Additional details regarding this sale are available in the official SEC disclosure. 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 valued at $275,144 in the last 90 days. Insiders own 34.46% of the company's stock.

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.

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