Quince Therapeutics (NASDAQ:QNCX) Announces Earnings Results

Key Points

• Quince Therapeutics reported a quarterly loss of ($0.34) earnings per share, missing estimates by ($0.06).
• Following the earnings report, the company's stock fell 3.0%, trading at $1.60 with a market capitalization of $85.79 million.
• Despite the miss, analysts maintain a positive outlook, with a consensus target price of $8.29, including ratings from various brokerages like Citigroup and JMP Securities.

Quince Therapeutics (NASDAQ:QNCX - Get Free Report) posted its earnings results on Monday. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.28) by ($0.06), Zacks reports.

Quince Therapeutics Trading Down 1.5%

QNCX traded down $0.03 during trading on Friday, hitting $1.66. 47,778 shares of the stock traded hands, compared to its average volume of 237,977. The firm has a market capitalization of $88.89 million, a P/E ratio of -1.54 and a beta of 1.02. The company has a debt-to-equity ratio of 1.45, a current ratio of 5.00 and a quick ratio of 4.05. The firm has a 50-day moving average of $1.60 and a 200 day moving average of $1.37. Quince Therapeutics has a 12-month low of $0.53 and a 12-month high of $2.45.

Institutional Investors Weigh In On Quince Therapeutics

Institutional investors have recently added to or reduced their stakes in the company. Bridgeway Capital Management LLC lifted its position in shares of Quince Therapeutics by 20.9% in the 2nd quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company's stock worth $212,000 after purchasing an additional 22,200 shares during the period. Nantahala Capital Management LLC purchased a new stake in shares of Quince Therapeutics in the 2nd quarter worth about $4,172,000. Finally, XTX Topco Ltd bought a new position in shares of Quince Therapeutics in the 2nd quarter worth about $37,000. Hedge funds and other institutional investors own 30.75% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. JMP Securities reduced their target price on shares of Quince Therapeutics from $9.00 to $8.00 and set a "market outperform" rating for the company in a research note on Tuesday. Wall Street Zen cut shares of Quince Therapeutics from a "hold" rating to a "sell" rating in a research note on Thursday, May 22nd. Citizens Jmp assumed coverage on shares of Quince Therapeutics in a research note on Tuesday, August 5th. They set a "strong-buy" rating and a $9.00 price objective for the company. D. Boral Capital reaffirmed a "buy" rating and set a $4.00 price objective on shares of Quince Therapeutics in a research note on Friday. Finally, Citigroup assumed coverage on shares of Quince Therapeutics in a research note on Tuesday, August 5th. They set an "outperform" rating for the company. One equities research analyst has rated the stock with a sell rating, seven have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $8.14.

About Quince Therapeutics

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.