Quince Therapeutics Target of Unusually High Options Trading (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the target of unusually large options trading activity on Friday. Stock investors bought 3,396 put options on the stock. This is an increase of approximately 107% compared to the average volume of 1,642 put options.

Analysts Set New Price Targets

Several brokerages recently weighed in on QNCX. Citigroup lowered Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a report on Friday. D Boral Capital lowered Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday. Lucid Cap Mkts downgraded Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a report on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. Finally, D. Boral Capital restated a “buy” rating and set a $5.00 price objective on shares of Quince Therapeutics in a research note on Thursday. Three research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $8.00.

Quince Therapeutics Price Performance

NASDAQ:QNCX opened at $0.17 on Friday. The firm has a market capitalization of $9.47 million, a P/E ratio of -0.14 and a beta of 1.15. The business has a 50 day simple moving average of $3.25 and a 200 day simple moving average of $2.25. Quince Therapeutics has a 12-month low of $0.16 and a 12-month high of $4.55.

Quince Therapeutics (NASDAQ:QNCX) last issued its earnings results on Wednesday, November 12th. The company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.05). Research analysts anticipate that Quince Therapeutics will post -1.21 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of QNCX. XTX Topco Ltd bought a new position in Quince Therapeutics in the 2nd quarter worth about $37,000. GSA Capital Partners LLP raised its holdings in shares of Quince Therapeutics by 158.0% during the third quarter. GSA Capital Partners LLP now owns 87,235 shares of the company’s stock valued at $142,000 after buying an additional 53,417 shares during the last quarter. Bridgeway Capital Management LLC boosted 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 worth $212,000 after buying an additional 22,200 shares during the period. Rockefeller Capital Management L.P. bought a new position in Quince Therapeutics in the 2nd quarter worth approximately $280,000. Finally, Union Square Park Capital Management LLC grew its holdings in Quince Therapeutics by 86.0% in the 3rd quarter. Union Square Park Capital Management LLC now owns 224,746 shares of the company’s stock worth $366,000 after buying an additional 103,889 shares in the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Quince Therapeutics

Here are the key news stories impacting Quince Therapeutics this week:

• Positive Sentiment: D. Boral Capital reaffirmed a “buy” rating and set a $5.00 price target, which implies large upside from current levels, but the note is unlikely to counteract the impact of clinical failure. D. Boral Capital Buy Rating
• Neutral Sentiment: Analysts at Citizens Jmp reaffirmed a “market perform” rating; this is informational but not a strong catalyst in the current risk-off environment. Citizens Jmp Market Perform
• Neutral Sentiment: Several trading halts occurred late in the session (news pending / LULD pauses), indicating extreme intraday volatility and contributing to disorderly price moves. (Exchange notices)
• Negative Sentiment: Multiple news outlets report Quince’s Phase 3 NEAT trial failed and the company is ending development of its lead drug candidate—this is the primary driver of the stock collapse and long-term value impairment. Quince stock tumbles after failed Phase 3
• Negative Sentiment: Coverage from MarketWatch/MSN describes the company ending development of its lead candidate and the stock plunging more than 90%, reinforcing that the trial outcome triggered the sell-off. Quince Ends Development; Shares Slide
• Negative Sentiment: Unusual options activity: investors bought ~3,396 put contracts (a 107% increase over average), signaling aggressive downside bets and likely adding selling pressure.
• Negative Sentiment: The company issued a Business Wire release with topline Phase 3 results; market interpretation of those toplines as unsuccessful triggered the swift reassessment of future cash flows and clinical value. Business Wire Topline Results

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.