Short Interest in Quince Therapeutics, Inc. (NASDAQ:QNCX) Grows By 64.5%

Key Points

• Quince Therapeutics, Inc. (NASDAQ:QNCX) saw a 64.5% increase in short interest for July, totaling 740,900 shares as of July 15th.
• Wall Street analysts have mixed sentiments about Quince Therapeutics, with one downgrade to "sell" and multiple "buy" ratings, leading to a consensus rating of "Buy" and an average price target of $8.29.
• The company's recent performance indicates a debt-to-equity ratio of 0.82 and a current stock price of $1.69, with earnings per share reported at ($0.34).

Quince Therapeutics, Inc. (NASDAQ:QNCX - Get Free Report) saw a significant increase in short interest during the month of July. As of July 15th, there was short interest totaling 740,900 shares, anincreaseof64.5% from the June 30th total of 450,400 shares. Currently,2.1% of the company's stock are sold short. Based on an average daily trading volume, of 370,400 shares, the short-interest ratio is currently 2.0 days. Based on an average daily trading volume, of 370,400 shares, the short-interest ratio is currently 2.0 days. Currently,2.1% of the company's stock are sold short.

Institutional Trading of Quince Therapeutics

A number of hedge funds and other institutional investors have recently made changes to their positions in QNCX. Ieq Capital LLC bought a new position in Quince Therapeutics in the 1st quarter worth about $1,073,000. Geode Capital Management LLC boosted its holdings in Quince Therapeutics by 10.9% during the 4th quarter. Geode Capital Management LLC now owns 375,932 shares of the company's stock valued at $703,000 after acquiring an additional 36,807 shares during the period. Shay Capital LLC boosted its holdings in Quince Therapeutics by 60.8% during the 4th quarter. Shay Capital LLC now owns 276,799 shares of the company's stock valued at $518,000 after acquiring an additional 104,616 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in Quince Therapeutics during the 2nd quarter valued at about $280,000. Finally, Intellectus Partners LLC purchased a new stake in Quince Therapeutics during the 1st quarter valued at about $71,000. 30.75% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on QNCX. Citizens Jmp began coverage on Quince Therapeutics in a research report on Tuesday. They set a "strong-buy" rating and a $9.00 target price on the stock. Citigroup began coverage on Quince Therapeutics in a research report on Tuesday. They set an "outperform" rating on the stock. Wall Street Zen cut Quince Therapeutics from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. D. Boral Capital reaffirmed a "buy" rating and set a $4.00 target price on shares of Quince Therapeutics in a research report on Thursday, July 17th. Finally, JMP Securities initiated coverage on Quince Therapeutics in a research report on Tuesday. They issued a "market outperform" rating and a $9.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have issued a buy rating and three have given a strong buy rating to the company's stock. According to MarketBeat, Quince Therapeutics has an average rating of "Buy" and a consensus price target of $8.29.

Quince Therapeutics Stock Performance

QNCX stock traded down $0.02 during midday trading on Friday, hitting $1.65. The company's stock had a trading volume of 188,608 shares, compared to its average volume of 207,301. The stock has a market cap of $88.47 million, a price-to-earnings ratio of -1.19 and a beta of 1.02. The stock's 50-day moving average price is $1.55 and its 200 day moving average price is $1.36. The company has a quick ratio of 4.05, a current ratio of 4.05 and a debt-to-equity ratio of 0.82. Quince Therapeutics has a 1 year low of $0.51 and a 1 year high of $2.45.

Quince Therapeutics (NASDAQ:QNCX - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.10). On average, equities analysts forecast that Quince Therapeutics will post -1.21 EPS for the current year.

Quince Therapeutics Company Profile

Quince Therapeutics, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing therapeutics for patients with debilitating and rare diseases. The company's lead asset candidature comprises EryDex for the treatment of rare pediatric neurodegenerative disease, including A-T, an inherited autosomal recessive neurodegenerative and immunodeficiency disorder caused by mutations in ATM gene.