Quoin Pharmaceuticals (NASDAQ:QNRX) Trading Down 2.7% – Here’s What Happened

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX)’s stock price fell 2.7% during mid-day trading on Wednesday . The stock traded as low as $8.50 and last traded at $8.50. 10,117 shares were traded during mid-day trading, a decline of 62% from the average session volume of 26,845 shares. The stock had previously closed at $8.74.

Wall Street Analysts Forecast Growth

Several brokerages have commented on QNRX. Weiss Ratings restated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Monday, December 22nd. Wall Street Zen upgraded shares of Quoin Pharmaceuticals to a “sell” rating in a research note on Saturday, November 15th. One equities research analyst has rated the stock with a Sell rating, According to MarketBeat, the stock has an average rating of “Sell”.

Quoin Pharmaceuticals Price Performance

The company has a market capitalization of $7.14 million, a PE ratio of -0.27 and a beta of 1.60. The stock has a 50-day simple moving average of $10.10 and a 200 day simple moving average of $11.04.

Hedge Funds Weigh In On Quoin Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC raised its position in Quoin Pharmaceuticals by 649.6% during the fourth quarter. GAMMA Investing LLC now owns 2,084 shares of the company’s stock worth $30,000 after acquiring an additional 1,806 shares during the last quarter. Simplify Asset Management Inc. purchased a new position in shares of Quoin Pharmaceuticals during the 4th quarter worth approximately $252,000. AIGH Capital Management LLC acquired a new position in shares of Quoin Pharmaceuticals during the 4th quarter worth approximately $712,000. ADAR1 Capital Management LLC purchased a new stake in Quoin Pharmaceuticals in the 4th quarter valued at approximately $840,000. Finally, Boothbay Fund Management LLC purchased a new stake in Quoin Pharmaceuticals in the 4th quarter valued at approximately $863,000. 8.63% of the stock is currently owned by hedge funds and other institutional investors.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals, Ltd., a clinical stage specialty pharmaceutical company, focuses on the development and commercialization of therapeutic products for rare and orphan diseases. Its lead product is QRX003, a topical lotion to treat Netherton Syndrome (NS). The company is also developing QRX004 for the treatment of recessive dystrophic epidermolysis bullosa; QRX007 to treat NS; and QRX008 for the treatment of scleroderma. It has a research agreement with Queensland University of Technology; a license agreement with Skinvisible Inc; consulting agreements with Axella Research LLC; and a Master Service Agreement with Therapeutics Inc The company was founded in 2018 and is based in Ashburn, Virginia.