Quoin Pharmaceuticals (NASDAQ:QNRX) Shares Down 2.7% – Here’s Why

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) shares were down 2.7% during trading on Wednesday . The company traded as low as $8.50 and last traded at $8.50. Approximately 10,117 shares were traded during trading, a decline of 62% from the average daily volume of 26,845 shares. The stock had previously closed at $8.74.

Analysts Set New Price Targets

A number of research analysts recently issued reports on QNRX shares. Wall Street Zen upgraded Quoin Pharmaceuticals to a “sell” rating in a research note on Saturday, November 15th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research note on Monday, December 22nd. One investment analyst has rated the stock with a Sell rating, According to data from MarketBeat, Quoin Pharmaceuticals presently has a consensus rating of “Sell”.

Quoin Pharmaceuticals Price Performance

The company has a 50 day moving average price of $10.10 and a 200 day moving average price of $11.04. The firm has a market cap of $7.14 million, a PE ratio of -0.27 and a beta of 1.60.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in QNRX. GAMMA Investing LLC lifted its position in Quoin Pharmaceuticals by 649.6% in the fourth quarter. GAMMA Investing LLC now owns 2,084 shares of the company’s stock valued at $30,000 after purchasing an additional 1,806 shares during the period. Simplify Asset Management Inc. purchased a new position in shares of Quoin Pharmaceuticals during the 4th quarter worth approximately $252,000. AIGH Capital Management LLC purchased a new position in shares of Quoin Pharmaceuticals during the 4th quarter worth approximately $712,000. ADAR1 Capital Management LLC purchased a new stake in shares of Quoin Pharmaceuticals in the fourth quarter valued at approximately $840,000. Finally, Boothbay Fund Management LLC purchased a new stake in shares of Quoin Pharmaceuticals in the fourth quarter valued at approximately $863,000. 8.63% of the stock is currently owned by institutional investors and hedge funds.

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.