Lake Street Capital Begins Coverage on Quoin Pharmaceuticals (NASDAQ:QNRX)

Equities researchers at Lake Street Capital began coverage on shares of Quoin Pharmaceuticals (NASDAQ:QNRX) in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. The firm set a “buy” rating and a $20.00 price target on the stock. Lake Street Capital’s price target indicates a potential upside of 180.90% from the company’s current price.

Several other research analysts also recently commented on the stock. ThinkEquity assumed coverage on shares of Quoin Pharmaceuticals in a report on Monday, June 15th. They issued a “buy” rating for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Monday, July 20th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Quoin Pharmaceuticals presently has an average rating of “Hold” and an average price target of $20.00.

Quoin Pharmaceuticals Stock Performance

Shares of NASDAQ QNRX traded up $0.11 during midday trading on Wednesday, reaching $7.12. The stock had a trading volume of 4,116 shares, compared to its average volume of 305,582. The firm has a market cap of $14.31 million, a price-to-earnings ratio of -0.28 and a beta of 1.51. The company’s 50 day moving average price is $5.53 and its 200 day moving average price is $5.72. Quoin Pharmaceuticals has a twelve month low of $3.25 and a twelve month high of $41.80.

Quoin Pharmaceuticals (NASDAQ:QNRX) last released 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). Equities analysts forecast that Quoin Pharmaceuticals will post -7.45 earnings per share for the current fiscal year.

Insider Transactions at Quoin Pharmaceuticals

In other news, CFO Sally Bridget Lawlor bought 10,244 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was acquired 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 owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. This represents a 2,328.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Myers acquired 20,490 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was acquired 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 represents a 118.97% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have bought a total of 57,370 shares of company stock worth $279,966 over the last quarter. Insiders own 11.17% of the company’s stock.

Hedge Funds Weigh In On Quoin Pharmaceuticals

An institutional investor recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. increased its position in shares of Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,300 shares of the company’s stock after purchasing an additional 35,505 shares during the period. SummitTX Capital L.P. owned 5.56% of Quoin Pharmaceuticals worth $662,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 8.63% of the company’s stock.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases, with an initial emphasis on serious dermatological conditions. The company is developing proprietary topical formulations intended to deliver therapies directly to affected skin while addressing unmet medical needs in patient populations with limited treatment options.

Quoin’s lead product candidate, QRX003, is a topical lotion formulation of sirolimus being developed for the treatment of Netherton syndrome, a rare genetic skin disorder.