Stock Traders Buy High Volume of Call Options on Quince Therapeutics (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 7,939 call options on the company. This represents an increase of 83% compared to the average daily volume of 4,327 call options.

Institutional Trading of Quince Therapeutics

Several hedge funds have recently added to or reduced their stakes in the stock. Superstring Capital Management LP bought a new stake in Quince Therapeutics in the fourth quarter worth about $2,877,000. Quadrature Capital Ltd bought a new stake in Quince Therapeutics in the fourth quarter worth about $268,000. 683 Capital Management LLC bought a new stake in Quince Therapeutics in the fourth quarter worth about $798,000. Almitas Capital LLC raised its position in Quince Therapeutics by 88.0% in the fourth quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock worth $3,116,000 after acquiring an additional 435,356 shares during the period. Finally, Adage Capital Partners GP L.L.C. bought a new stake in Quince Therapeutics in the fourth quarter worth about $7,538,000. Institutional investors own 30.75% of the company’s stock.

Quince Therapeutics Stock Up 31.9%

Quince Therapeutics stock traded up $0.05 during midday trading on Wednesday, hitting $0.22. 729,108,305 shares of the stock were exchanged, compared to its average volume of 83,205,945. Quince Therapeutics has a 52-week low of $0.08 and a 52-week high of $4.55. The stock has a market capitalization of $11.97 million, a price-to-earnings ratio of -0.18 and a beta of 1.33. The business’s 50-day moving average price is $0.21 and its 200-day moving average price is $1.75.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Citizens Jmp cut shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday, January 30th. Maxim Group cut shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, January 30th. Lucid Cap Mkts cut shares of Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a report on Friday, January 30th. Citigroup cut shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday, January 30th. Finally, cut shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 29th. Five investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, Quince Therapeutics has an average rating of “Reduce” and a consensus target price of $6.50.

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.