Quince Therapeutics (NASDAQ:QNCX) Cut to Hold at Brookline Capital Management

Brookline Capital Management lowered shares of Quince Therapeutics (NASDAQ:QNCX) from a strong-buy rating to a hold rating in a research note issued to investors on Thursday morning,Zacks.com reports.

A number of other brokerages have also weighed in on QNCX. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. Citizens Jmp lowered Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Friday. Citigroup lowered shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Friday. Finally, D. Boral Capital reiterated a “buy” rating and set a $5.00 target price on shares of Quince Therapeutics in a report on Thursday. Three equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $8.00.

Quince Therapeutics Stock Performance

Shares of NASDAQ QNCX opened at $0.17 on Thursday. Quince Therapeutics has a fifty-two week low of $0.16 and a fifty-two week high of $4.55. The company has a market cap of $9.47 million, a price-to-earnings ratio of -0.14 and a beta of 1.15. The business’s 50 day moving average price is $3.25 and its 200-day moving average price is $2.25.

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

Hedge Funds Weigh In On Quince Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of QNCX. Bridgeway Capital Management LLC lifted its holdings in shares of Quince Therapeutics by 20.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 128,617 shares of the company’s stock valued at $212,000 after purchasing an additional 22,200 shares during the last quarter. XTX Topco Ltd acquired a new position in Quince Therapeutics during the 2nd quarter valued at about $37,000. GSA Capital Partners LLP raised its stake in Quince Therapeutics by 158.0% in 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. Union Square Park Capital Management LLC grew its stake in shares of Quince Therapeutics by 86.0% during the third quarter. Union Square Park Capital Management LLC now owns 224,746 shares of the company’s stock worth $366,000 after acquiring an additional 103,889 shares during the last quarter. Finally, Rockefeller Capital Management L.P. acquired a new position in shares of Quince Therapeutics during the second quarter valued at about $280,000. 30.75% of the stock is owned by hedge funds and other institutional investors.

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.