Oppenheimer Begins Coverage on Quince Therapeutics (NASDAQ:QNCX)

Equities researchers at Oppenheimer initiated coverage on shares of Quince Therapeutics (NASDAQ:QNCX) in a research note issued on Wednesday. The brokerage set an “outperform” rating and a $82.00 price target on the stock. Oppenheimer’s price target would suggest a potential upside of 323.34% from the stock’s previous close.

Other research analysts have also issued research reports about the company. Zacks Research raised Quince Therapeutics to a “hold” rating in a report on Wednesday, June 24th. Wall Street Zen raised Quince Therapeutics from a “sell” rating to a “hold” rating in a research note on Sunday, May 17th. Leerink Partners initiated coverage on shares of Quince Therapeutics in a report on Wednesday, June 24th. They issued an “outperform” rating and a $80.00 price target on the stock. Cantor Fitzgerald assumed coverage on shares of Quince Therapeutics in a research note on Tuesday, June 23rd. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Weiss Ratings lowered Quince Therapeutics from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, five have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $568.40.

Quince Therapeutics Stock Up 8.5%

Shares of Quince Therapeutics stock opened at $19.37 on Wednesday. The firm has a market cap of $18.98 million, a price-to-earnings ratio of -0.09 and a beta of 1.40. Quince Therapeutics has a 52-week low of $15.10 and a 52-week high of $909.98. The company’s 50-day simple moving average is $19.32 and its 200-day simple moving average is $87.85.

Quince Therapeutics (NASDAQ:QNCX) last announced its quarterly earnings data on Monday, May 11th. The company reported ($0.59) EPS for the quarter, beating analysts’ consensus estimates of ($26.00) by $25.41. Equities research analysts anticipate that Quince Therapeutics will post -0.96 EPS for the current year.

Hedge Funds Weigh In On Quince Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Nantahala Capital Management LLC increased its position in Quince Therapeutics by 21.6% during the 3rd quarter. Nantahala Capital Management LLC now owns 3,073,729 shares of the company’s stock worth $5,010,000 after purchasing an additional 545,427 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new position in Quince Therapeutics during the fourth quarter valued at approximately $7,538,000. Vanguard Group Inc. lifted its position in Quince Therapeutics by 21.3% during the third quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock valued at $2,874,000 after buying an additional 309,349 shares in the last quarter. Millennium Management LLC lifted its position in Quince Therapeutics by 1,152.9% during the third quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock valued at $2,260,000 after buying an additional 1,276,094 shares in the last quarter. Finally, Almitas Capital LLC grew its stake in Quince Therapeutics by 88.0% during the fourth quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock worth $3,116,000 after buying an additional 435,356 shares during the period. 30.75% of the stock is owned by institutional investors and hedge funds.

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.