Quince Therapeutics Target of Unusually High Options Trading (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the target of some unusual options trading activity on Wednesday. Investors bought 28,800 call options on the stock. This represents an increase of 1,366% compared to the typical volume of 1,964 call options.

Analysts Set New Price Targets

QNCX has been the subject of several research analyst reports. Maxim Group downgraded shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. D. Boral Capital downgraded Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 30th. Brookline Capital Acquisition downgraded shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 29th. Lucid Cap Mkts downgraded Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a research note on Friday, January 30th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $8.00.

Institutional Investors Weigh In On Quince Therapeutics

Several institutional investors have recently bought and sold shares of the stock. Nantahala Capital Management LLC purchased a new position in Quince Therapeutics in the 2nd quarter worth approximately $4,172,000. Millennium Management LLC increased its position in shares of Quince Therapeutics by 1,152.9% in the third quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock valued at $2,260,000 after acquiring an additional 1,276,094 shares during the period. ADAR1 Capital Management LLC raised its stake in shares of Quince Therapeutics by 442.1% during the third quarter. ADAR1 Capital Management LLC now owns 775,034 shares of the company’s stock valued at $1,263,000 after acquiring an additional 632,076 shares during the last quarter. Almitas Capital LLC purchased a new stake in shares of Quince Therapeutics during the third quarter worth about $806,000. Finally, Vanguard Group Inc. boosted its holdings in shares of Quince Therapeutics by 21.3% during the third quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock worth $2,874,000 after purchasing an additional 309,349 shares during the period. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Quince Therapeutics Stock Performance

QNCX traded up $0.24 during midday trading on Wednesday, hitting $0.77. The stock had a trading volume of 670,782,865 shares, compared to its average volume of 84,099,734. Quince Therapeutics has a 1 year low of $0.13 and a 1 year high of $4.55. The business has a fifty day moving average of $2.83 and a 200 day moving average of $2.17. The company has a market cap of $42.71 million, a P/E ratio of -0.64 and a beta of 1.22.

Quince Therapeutics (NASDAQ:QNCX) last announced its quarterly earnings data on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.05). On average, equities research analysts anticipate that Quince Therapeutics will post -1.21 earnings per share for the current year.

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. 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.