Quince Therapeutics, Inc. (NASDAQ:QNCX) Sees Significant Growth in Short Interest

Quince Therapeutics, Inc. (NASDAQ:QNCX) saw a significant increase in short interest in October. As of October 31st, there was short interest totalling 2,350,000 shares, an increase of 23.0% from the October 15th total of 1,910,000 shares. Currently, 7.3% of the company’s stock are short sold. Based on an average daily volume of 554,300 shares, the days-to-cover ratio is currently 4.2 days.

Quince Therapeutics Stock Down 6.3 %

NASDAQ:QNCX traded down $0.12 during mid-day trading on Friday, reaching $1.78. The stock had a trading volume of 1,006,417 shares, compared to its average volume of 1,393,507. The stock’s 50 day simple moving average is $1.01 and its two-hundred day simple moving average is $0.85. Quince Therapeutics has a 1-year low of $0.51 and a 1-year high of $2.14. The company has a market capitalization of $78.32 million, a price-to-earnings ratio of -1.44 and a beta of 0.71. The company has a debt-to-equity ratio of 0.33, a current ratio of 9.53 and a quick ratio of 6.15.

Analyst Upgrades and Downgrades

Several research analysts recently commented on QNCX shares. RODMAN&RENSHAW upgraded Quince Therapeutics to a “strong-buy” rating in a research note on Tuesday, October 29th. Rodman & Renshaw began coverage on Quince Therapeutics in a report on Tuesday, October 29th. They set a “buy” rating and a $11.00 price objective on the stock. EF Hutton Acquisition Co. I upgraded Quince Therapeutics to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, Maxim Group initiated coverage on shares of Quince Therapeutics in a research report on Thursday, November 7th. They set a “buy” rating and a $6.00 price target for the company.

Insiders Place Their Bets

In other news, CEO Dirk Thye bought 77,500 shares of the firm’s stock in a transaction dated Thursday, August 29th. The stock was acquired at an average cost of $0.69 per share, for a total transaction of $53,475.00. Following the completion of the purchase, the chief executive officer now owns 766,941 shares of the company’s stock, valued at $529,189.29. This trade represents a 11.24 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, President Charles S. Ryan purchased 48,387 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were purchased at an average cost of $0.65 per share, with a total value of $31,451.55. Following the completion of the acquisition, the president now owns 122,461 shares in the company, valued at approximately $79,599.65. This represents a 65.32 % increase in their position. The disclosure for this purchase can be found here. Insiders have purchased a total of 158,887 shares of company stock worth $105,609 over the last quarter. 16.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Quince Therapeutics stock. Geode Capital Management LLC lifted its holdings in shares of Quince Therapeutics, Inc. (NASDAQ:QNCX) by 24.2% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 339,125 shares of the company’s stock after buying an additional 66,170 shares during the period. Geode Capital Management LLC owned 0.78% of Quince Therapeutics worth $263,000 at the end of the most recent reporting period. Hedge funds and other institutional investors own 30.75% of the company’s stock.

Quince Therapeutics Company Profile

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.