Q32 Bio (NASDAQ:QTTB) Releases Quarterly Earnings Results, Beats Expectations By $4.71 EPS

Key Points

• Q32 Bio beat expectations: reported EPS of $3.65 versus a consensus of ($1.06), a $4.71 beat, on quarterly revenue of $53.74 million.
• Shares jumped on the news: the stock rose about 15.1% to $6.89, giving a market cap near $84.8 million and a 52‑week range of $1.35–$7.00.
• Insider and institutional activity notable: CEO Jodie Pope Morrison sold 9,896 shares (reducing her position by 10%), insiders own ~40% of the stock and institutional ownership is ~31.3%, with several hedge funds recently increasing stakes.

Q32 Bio (NASDAQ:QTTB - Get Free Report) released its quarterly earnings data on Tuesday. The company reported $3.65 earnings per share for the quarter, beating the consensus estimate of ($1.06) by $4.71, Zacks reports. The firm had revenue of $53.74 million for the quarter.

Q32 Bio Trading Up 15.1%

Shares of QTTB traded up $0.90 on Wednesday, reaching $6.89. 191,190 shares of the company's stock traded hands, compared to its average volume of 177,439. The stock's 50 day simple moving average is $4.07 and its two-hundred day simple moving average is $3.06. The stock has a market cap of $84.80 million, a PE ratio of -2.01 and a beta of 0.14. Q32 Bio has a 52-week low of $1.35 and a 52-week high of $7.00.

Insider Transactions at Q32 Bio

In other news, CEO Jodie Pope Morrison sold 9,896 shares of the firm's stock in a transaction on Wednesday, February 25th. The stock was sold at an average price of $4.51, for a total transaction of $44,630.96. Following the completion of the sale, the chief executive officer directly owned 89,104 shares of the company's stock, valued at $401,859.04. This trade represents a 10.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 16,706 shares of company stock valued at $75,344. 40.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Q32 Bio

A number of large investors have recently modified their holdings of the company. Opaleye Management Inc. bought a new stake in Q32 Bio during the 4th quarter worth approximately $708,000. Geode Capital Management LLC boosted its holdings in Q32 Bio by 19.9% in the 4th quarter. Geode Capital Management LLC now owns 106,113 shares of the company's stock valued at $352,000 after purchasing an additional 17,617 shares during the period. Renaissance Technologies LLC grew its position in shares of Q32 Bio by 110.6% during the 4th quarter. Renaissance Technologies LLC now owns 99,600 shares of the company's stock valued at $331,000 after purchasing an additional 52,300 shares in the last quarter. Jane Street Group LLC bought a new position in shares of Q32 Bio in the second quarter worth $69,000. Finally, Goldman Sachs Group Inc. boosted its stake in Q32 Bio by 140.9% during the first quarter. Goldman Sachs Group Inc. now owns 44,373 shares of the company's stock valued at $73,000 after buying an additional 25,953 shares during the period. 31.32% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have commented on QTTB. Weiss Ratings reiterated a "sell (d-)" rating on shares of Q32 Bio in a research report on Friday, January 9th. HC Wainwright reissued a "buy" rating and issued a $13.00 price target on shares of Q32 Bio in a research note on Tuesday. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $14.00.

Q32 Bio Company Profile

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.