Short Interest in Quince Therapeutics, Inc. (NASDAQ:QNCX) Expands By 34.4%
by Mitch Edgeman · The Markets DailyQuince Therapeutics, Inc. (NASDAQ:QNCX – Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 13th, there was short interest totaling 11,153,033 shares, an increase of 34.4% from the February 26th total of 8,298,192 shares. Based on an average daily trading volume, of 47,078,857 shares, the short-interest ratio is currently 0.2 days. Currently, 24.1% of the company’s shares are short sold.
Wall Street Analyst Weigh In
Several research firms recently issued reports on QNCX. downgraded Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 29th. Citizens Jmp downgraded Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday, January 30th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quince Therapeutics in a research note on Monday, December 29th. Lucid Cap Mkts cut shares of Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, January 30th. Finally, Maxim Group lowered shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Five equities research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Reduce” and an average target price of $6.50.
View Our Latest Stock Analysis on Quince Therapeutics
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. purchased a new stake in shares of Quince Therapeutics during the 2nd quarter worth approximately $280,000. XTX Topco Ltd purchased a new position in shares of Quince Therapeutics in the 2nd quarter valued at $37,000. Nantahala Capital Management LLC acquired a new stake in Quince Therapeutics during the 2nd quarter worth $4,172,000. Bridgeway Capital Management LLC raised its stake in Quince Therapeutics by 20.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock worth $212,000 after acquiring an additional 22,200 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Quince Therapeutics by 21.3% in the third quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock valued at $2,874,000 after acquiring an additional 309,349 shares during the last quarter. Hedge funds and other institutional investors own 30.75% of the company’s stock.
Quince Therapeutics Stock Performance
QNCX stock traded down $0.01 during mid-day trading on Friday, reaching $0.09. The company had a trading volume of 9,799,919 shares, compared to its average volume of 32,352,480. The firm has a fifty day simple moving average of $0.65 and a 200 day simple moving average of $1.82. The company has a market capitalization of $4.88 million, a price-to-earnings ratio of -0.07 and a beta of 1.28. Quince Therapeutics has a fifty-two week low of $0.08 and a fifty-two week high of $4.55.
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. Its AIDE technology platform, a drug/device combination platform that uses an automated process to encapsulate a drug into a patient's own red blood cells, as well as consists of an automated equipment the RCL, a sterile single-use consumable treatment kit comprising EryKit, Syringe Kit, drugs, and process solutions.