Q32 Bio (NASDAQ:QTTB) Issues Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Key Points

• Q32 Bio reported quarterly EPS of ($0.44), beating analysts’ consensus estimate of ($0.53) by $0.09.
• Shares rose 1.6% to $16.43, while analysts maintained a “Moderate Buy” consensus and an average price target of $30; Oppenheimer and HC Wainwright raised targets to $40 and $36, respectively.
• Insider ownership increased after two directors each purchased 1.875 million shares at $8 per share, while institutional investors own 31.32% of the company.

Q32 Bio (NASDAQ:QTTB - Get Free Report) posted its quarterly earnings data on Wednesday. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.53) by $0.09, FiscalAI reports.

Q32 Bio Stock Up 1.6%

Q32 Bio stock traded up $0.27 during midday trading on Wednesday, reaching $16.43. The company's stock had a trading volume of 528,224 shares, compared to its average volume of 782,198. The stock's 50-day simple moving average is $13.66 and its 200-day simple moving average is $8.25. The stock has a market capitalization of $278.57 million, a P/E ratio of 6.17 and a beta of 0.23. Q32 Bio has a 52-week low of $1.57 and a 52-week high of $23.57. The company has a debt-to-equity ratio of 0.04, a current ratio of 5.36 and a quick ratio of 5.36.

Insider Activity

In other news, Director Orbimed Advisors Llc bought 1,875,000 shares of Q32 Bio stock in a transaction on Thursday, May 28th. The shares were bought at an average cost of $8.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the director directly owned 3,502,987 shares of the company's stock, valued at approximately $28,023,896. This trade represents a 115.17% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Diyong Xu purchased 1,875,000 shares of the business's stock in a transaction on Thursday, May 28th. The stock was acquired at an average price of $8.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the director owned 3,502,987 shares of the company's stock, valued at $28,023,896. This represents a 115.17% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 34.46% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Q32 Bio

Large investors have recently added to or reduced their stakes in the business. HRT Financial LP increased its position in Q32 Bio by 66.5% during the fourth quarter. HRT Financial LP now owns 24,698 shares of the company's stock worth $81,000 after purchasing an additional 9,862 shares during the last quarter. Marshall Wace LLP bought a new stake in Q32 Bio in the second quarter valued at about $25,000. Geode Capital Management LLC lifted its holdings in Q32 Bio by 19.9% in the fourth quarter. Geode Capital Management LLC now owns 106,113 shares of the company's stock worth $352,000 after acquiring an additional 17,617 shares during the last quarter. ADAR1 Capital Management LLC acquired a new stake in Q32 Bio in the 4th quarter valued at approximately $66,000. Finally, XTX Topco Ltd bought a new stake in Q32 Bio during the fourth quarter worth approximately $68,000. 31.32% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on QTTB shares. Mizuho began coverage on Q32 Bio in a research note on Friday, May 22nd. They issued an "outperform" rating and a $14.00 price target on the stock. Oppenheimer raised 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. HC Wainwright lifted their price objective on Q32 Bio from $13.00 to $36.00 and gave the stock a "buy" rating in a research note on Tuesday, July 28th. Zacks Research lowered Q32 Bio from a "strong-buy" rating to a "hold" rating in a report on Monday, May 18th. Finally, Weiss Ratings raised shares of Q32 Bio from a "sell (d+)" rating to a "hold (c-)" rating in a report on Monday, May 11th. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $30.00.

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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