Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Short Interest Up 373.2% in August

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 526,654 shares, an increase of 373.2% from the August 15th total of 111,299 shares. Based on an average daily volume of 2,777,345 shares, the short-interest ratio is presently 0.2 days. Currently, 29.5% of the shares of the company are sold short.

Quoin Pharmaceuticals Trading Down 0.9%

NASDAQ QNRX traded down $0.06 on Friday, hitting $6.84. The company’s stock had a trading volume of 50,512 shares, compared to its average volume of 318,185. The firm has a market cap of $13.74 million, a P/E ratio of -0.27 and a beta of 1.51. The company’s 50-day simple moving average is $5.15 and its 200 day simple moving average is $5.81. Quoin Pharmaceuticals has a 52-week low of $3.25 and a 52-week high of $41.80.

Quoin Pharmaceuticals (NASDAQ:QNRX) last issued its quarterly earnings data on Friday, August 14th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.61) by ($0.29). On average, research analysts forecast that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

Insider Transactions at Quoin Pharmaceuticals

In other Quoin Pharmaceuticals news, CEO Michael Myers purchased 20,490 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average cost of $4.88 per share, for a total transaction of $99,991.20. Following the purchase, the chief executive officer owned 37,713 shares of the company’s stock, valued at $184,039.44. This represents a 118.97% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sally Bridget Lawlor purchased 10,244 shares of the business’s stock in a transaction dated Monday, August 31st. The stock was bought at an average cost of $4.88 per share, with a total value of $49,990.72. Following the completion of the acquisition, the chief financial officer directly owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. This trade represents a 2,328.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 57,370 shares of company stock valued at $279,966. Corporate insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Quoin Pharmaceuticals

Institutional investors and hedge funds have recently made changes to their positions in the business. Simplify Asset Management Inc. bought a new position in Quoin Pharmaceuticals during the 4th quarter valued at approximately $252,000. ADAR1 Capital Management LLC bought a new position in Quoin Pharmaceuticals during the 4th quarter valued at about $840,000. Boothbay Fund Management LLC bought a new position in Quoin Pharmaceuticals during the fourth quarter valued at approximately $863,000. SummitTX Capital L.P. purchased a new position in shares of Quoin Pharmaceuticals in the 4th quarter worth $935,000. Finally, Millennium Management LLC bought a new stake in shares of Quoin Pharmaceuticals during the 4th quarter valued at about $1,080,000. Institutional investors own 8.63% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on QNRX shares. ThinkEquity initiated coverage on shares of Quoin Pharmaceuticals in a research report on Monday, June 15th. They issued a “buy” rating for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research note on Monday, July 20th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals, Ltd., a clinical stage specialty pharmaceutical company, focuses on the development and commercialization of therapeutic products for rare and orphan diseases. Its lead product is QRX003, a topical lotion to treat Netherton Syndrome (NS). The company is also developing QRX004 for the treatment of recessive dystrophic epidermolysis bullosa; QRX007 to treat NS; and QRX008 for the treatment of scleroderma. It has a research agreement with Queensland University of Technology; a license agreement with Skinvisible Inc; consulting agreements with Axella Research LLC; and a Master Service Agreement with Therapeutics Inc The company was founded in 2018 and is based in Ashburn, Virginia.