Quince Therapeutics Sees Unusually High Options Volume (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the recipient of some unusual options trading activity on Friday. Investors acquired 3,396 put options on the company. This is an increase of 107% compared to the typical daily volume of 1,642 put options.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new stake in Quince Therapeutics in the 2nd quarter worth $37,000. GSA Capital Partners LLP grew its position in shares of 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 purchasing an additional 53,417 shares during the period. Bridgeway Capital Management LLC grew its position in shares of Quince Therapeutics by 20.9% in the second 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 period. Rockefeller Capital Management L.P. purchased a new stake in shares of Quince Therapeutics during the second quarter worth about $280,000. Finally, Union Square Park Capital Management LLC raised its position in shares of Quince Therapeutics by 86.0% during the 3rd quarter. Union Square Park Capital Management LLC now owns 224,746 shares of the company’s stock worth $366,000 after purchasing an additional 103,889 shares during the last quarter. 30.75% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

QNCX has been the topic of several research analyst reports. Citigroup downgraded Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research note on Friday. D. Boral Capital reaffirmed a “buy” rating and set a $5.00 target price on shares of Quince Therapeutics in a report on Thursday. Citizens Jmp reiterated a “market perform” rating on shares of Quince Therapeutics in a research report on Friday. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Quince Therapeutics in a report on Monday, December 29th. Three investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $8.00.

Trending Headlines about 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

Quince Therapeutics Stock Down 37.1%

Shares of QNCX opened at $0.17 on Friday. The company has a market capitalization of $9.47 million, a price-to-earnings ratio of -0.14 and a beta of 1.15. Quince Therapeutics has a 52 week low of $0.16 and a 52 week high of $4.55. The stock’s 50-day moving average price is $3.25 and its 200-day moving average price is $2.25.

Quince Therapeutics (NASDAQ:QNCX) last posted its earnings results 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). As a group, equities analysts anticipate that Quince Therapeutics will post -1.21 EPS for the current fiscal year.

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. 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.