Quince Therapeutics (NASDAQ:QNCX) Cut to “Strong Sell” at Lucid Cap Mkts

Lucid Cap Mkts lowered shares of Quince Therapeutics (NASDAQ:QNCX) from a strong-buy rating to a strong sell rating in a research report sent to investors on Friday morning,Zacks.com reports.

Other equities analysts have also recently issued research reports about the stock. D Boral Capital cut shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday. Weiss Ratings restated a “sell (e+)” rating on shares of Quince Therapeutics in a report on Monday, December 29th. Citizens Jmp lowered shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday. Brookline Capital Management cut Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Thursday. Finally, Citigroup downgraded Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday. Three investment analysts have rated the stock with a Buy rating, five have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Quince Therapeutics presently has an average rating of “Hold” and an average target price of $8.00.

Quince Therapeutics Stock Down 37.1%

Shares of QNCX opened at $0.17 on Friday. The firm has a market cap of $9.47 million, a price-to-earnings ratio of -0.14 and a beta of 1.23. The business’s 50 day moving average is $3.25 and its two-hundred day moving average is $2.25. Quince Therapeutics has a 52-week low of $0.16 and a 52-week high of $4.55.

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

Hedge Funds Weigh In On Quince Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new stake in Quince Therapeutics during the 2nd quarter valued at $280,000. XTX Topco Ltd purchased a new position in shares of Quince Therapeutics during the second quarter valued at $37,000. Nantahala Capital Management LLC purchased a new position in shares of Quince Therapeutics during the second quarter valued at $4,172,000. Bridgeway Capital Management LLC raised its position in Quince Therapeutics by 20.9% during the second quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock valued at $212,000 after buying an additional 22,200 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Quince Therapeutics by 21.3% in the 3rd quarter. Vanguard Group Inc. now owns 1,763,387 shares of the company’s stock worth $2,874,000 after acquiring an additional 309,349 shares in the last quarter. 30.75% of the stock is currently owned by hedge funds and other institutional investors.

Quince Therapeutics News Summary

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.