Quince Therapeutics (NASDAQ:QNCX) Announces Quarterly Earnings Results, Beats Expectations By $15.71 EPS

Quince Therapeutics (NASDAQ:QNCX) posted its quarterly earnings results on Friday. The company reported ($12.31) earnings per share (EPS) for the quarter, beating the consensus estimate of ($28.02) by $15.71, FiscalAI reports.

Quince Therapeutics Trading Up 5.0%

Shares of QNCX traded up $1.63 during trading hours on Friday, reaching $34.04. 26,046 shares of the stock traded hands, compared to its average volume of 35,861. Quince Therapeutics has a 52 week low of $15.10 and a 52 week high of $909.98. The company has a market cap of $34.72 million, a price-to-earnings ratio of -0.16 and a beta of 1.36. The stock has a fifty day simple moving average of $21.01 and a 200 day simple moving average of $37.68.

Hedge Funds Weigh In On Quince Therapeutics

Several hedge funds have recently modified their holdings of QNCX. XTX Topco Ltd purchased a new position in shares of Quince Therapeutics in the 2nd quarter worth approximately $37,000. Bridgeway Capital Management LLC increased its position in shares of Quince Therapeutics by 20.9% during the second quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock valued at $212,000 after acquiring an additional 22,200 shares during the last quarter. Hudson Bay Capital Management LP bought a new stake in Quince Therapeutics during the fourth quarter worth $213,000. Quadrature Capital Ltd bought a new stake in Quince Therapeutics during the fourth quarter worth $268,000. Finally, OMERS ADMINISTRATION Corp purchased a new position in Quince Therapeutics in the fourth quarter worth $308,000. Institutional investors own 30.75% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. Cantor Fitzgerald started coverage on shares of Quince Therapeutics in a research note on Tuesday, June 23rd. They issued an “overweight” rating and a $80.00 price objective on the stock. Leerink Partners assumed coverage on Quince Therapeutics in a report on Wednesday, June 24th. They set an “outperform” rating and a $80.00 price objective for the company. Weiss Ratings upgraded Quince Therapeutics from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Wall Street Zen raised Quince Therapeutics from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Oppenheimer started coverage on Quince Therapeutics in a report on Wednesday, July 29th. They set an “outperform” rating and a $82.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, Quince Therapeutics currently has an average rating of “Hold” and a consensus target price of $310.50.

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.