Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Sees Large Decrease in Short Interest

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) was the recipient of a large drop in short interest during the month of October. As of October 15th, there was short interest totaling 20,231 shares, a drop of 69.1% from the September 30th total of 65,473 shares. Approximately 0.5% of the company’s shares are sold short. Based on an average trading volume of 47,994 shares, the days-to-cover ratio is currently 0.4 days.

Insider Activity

In other news, Director Anthony Culverwell purchased 6,146 shares of the business’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 $29,992.48. Following the acquisition, the director owned 40,364 shares of the company’s stock, valued at approximately $196,976.32. This trade represents a 17.96% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Michael Myers acquired 20,490 shares of Quoin Pharmaceuticals stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $4.88 per share, for a total transaction of $99,991.20. Following the completion of the transaction, the chief executive officer directly owned 37,713 shares in the company, valued at $184,039.44. This trade represents a 118.97% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders bought a total of 57,370 shares of company stock valued at $279,966 in the last quarter. 7.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Quoin Pharmaceuticals

A hedge fund recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. boosted its stake in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,300 shares of the company’s stock after purchasing an additional 35,505 shares during the period. SummitTX Capital L.P. owned approximately 5.56% of Quoin Pharmaceuticals worth $662,000 at the end of the most recent reporting period. 8.63% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on QNRX shares. Wall Street Zen upgraded shares of Quoin Pharmaceuticals to a “sell” rating in a report on Saturday, October 17th. Canaccord Genuity Group assumed coverage on shares of Quoin Pharmaceuticals in a report on Monday, October 19th. They issued a “buy” rating and a $18.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a report on Friday, October 16th. Lake Street Capital began coverage on shares of Quoin Pharmaceuticals in a research report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price target for the company. Finally, BTIG Research initiated coverage on shares of Quoin Pharmaceuticals in a research report on Monday, October 12th. They issued a “buy” rating and a $14.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $17.33.

Quoin Pharmaceuticals Trading Up 0.4%

Shares of QNRX opened at $4.03 on Wednesday. Quoin Pharmaceuticals has a 12 month low of $3.25 and a 12 month high of $23.50. The stock has a fifty day moving average price of $5.47 and a 200-day moving average price of $6.22. The firm has a market cap of $19.34 million, a PE ratio of -0.16 and a beta of 1.56.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its earnings results on Friday, August 14th. The company reported ($1.90) earnings per share for the quarter, missing the consensus estimate of ($1.61) by ($0.29). As a group, research analysts forecast that Quoin Pharmaceuticals will post -7.45 EPS for the current year.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals, Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases. The company is primarily pursuing therapies for conditions with significant unmet medical needs, including rare genetic disorders affecting the skin.

Quoin’s lead program is QRX003, a topical lotion being developed for Netherton syndrome, a rare inherited skin disorder associated with impaired skin-barrier function. The company is also developing QRX004, a topical product candidate intended for recessive dystrophic epidermolysis bullosa, a severe genetic skin disease.