Oppenheimer Issues Pessimistic Forecast for Q32 Bio (NASDAQ:QTTB) Stock Price

Q32 Bio (NASDAQ:QTTB) had its price target cut by analysts at Oppenheimer from $80.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s target price would suggest a potential upside of 370.59% from the company’s previous close.

A number of other equities research analysts have also recently weighed in on the stock. Leerink Partners reissued a “market perform” rating and issued a $9.00 price target (down from $68.00) on shares of Q32 Bio in a research report on Wednesday. Raymond James reissued an “outperform” rating and issued a $22.00 target price (down from $90.00) on shares of Q32 Bio in a report on Wednesday. BMO Capital Markets initiated coverage on Q32 Bio in a research note on Friday, December 6th. They set an “outperform” rating and a $64.00 price target on the stock. Wells Fargo & Company reiterated an “equal weight” rating and issued a $16.00 price objective (down previously from $95.00) on shares of Q32 Bio in a research note on Wednesday. Finally, Piper Sandler lowered their target price on shares of Q32 Bio from $85.00 to $20.00 and set an “overweight” rating on the stock in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $29.86.

Q32 Bio Stock Performance

Shares of Q32 Bio stock opened at $4.25 on Wednesday. The company has a quick ratio of 6.53, a current ratio of 6.53 and a debt-to-equity ratio of 0.61. Q32 Bio has a 52 week low of $4.17 and a 52 week high of $53.79. The firm’s 50 day moving average is $37.63 and its two-hundred day moving average is $34.28. The firm has a market capitalization of $51.77 million, a P/E ratio of -0.30 and a beta of -0.46.

Hedge Funds Weigh In On Q32 Bio

Institutional investors have recently modified their holdings of the company. Values First Advisors Inc. acquired a new stake in Q32 Bio during the third quarter worth approximately $33,000. BNP Paribas Financial Markets raised its holdings in Q32 Bio by 199.1% in the 3rd quarter. BNP Paribas Financial Markets now owns 1,298 shares of the company’s stock valued at $58,000 after acquiring an additional 864 shares during the last quarter. MetLife Investment Management LLC purchased a new position in shares of Q32 Bio during the 3rd quarter worth $159,000. Franklin Resources Inc. acquired a new stake in shares of Q32 Bio during the third quarter worth $225,000. Finally, Rhumbline Advisers grew its position in shares of Q32 Bio by 11,681.5% in the second quarter. Rhumbline Advisers now owns 7,658 shares of the company’s stock valued at $137,000 after purchasing an additional 7,593 shares during the period. Institutional investors and hedge funds own 31.32% 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.