Stock Traders Buy High Volume of Call Options on Quince Therapeutics (NASDAQ:QNCX)

Quince Therapeutics, Inc. (NASDAQ:QNCX) was the target of unusually large options trading activity on Wednesday. Investors bought 7,939 call options on the stock. This is an increase of approximately 83% compared to the typical daily volume of 4,327 call options.

Quince Therapeutics Stock Performance

Quince Therapeutics stock traded up $0.05 during midday trading on Wednesday, reaching $0.22. 729,108,305 shares of the stock were exchanged, compared to its average volume of 83,205,945. The company’s fifty day moving average is $0.21 and its 200-day moving average is $1.75. The firm has a market cap of $11.97 million, a PE ratio of -0.18 and a beta of 1.33. Quince Therapeutics has a 52 week low of $0.08 and a 52 week high of $4.55.

Institutional Trading of Quince Therapeutics

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Nantahala Capital Management LLC increased its holdings in Quince Therapeutics by 21.6% during the 3rd quarter. Nantahala Capital Management LLC now owns 3,073,729 shares of the company’s stock worth $5,010,000 after acquiring an additional 545,427 shares during the period. Adage Capital Partners GP L.L.C. bought a new stake in Quince Therapeutics during the 4th quarter worth approximately $7,538,000. Vanguard Group Inc. increased its holdings in Quince Therapeutics by 21.3% during 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 during the period. Millennium Management LLC increased its holdings in Quince Therapeutics by 1,152.9% during the 3rd quarter. Millennium Management LLC now owns 1,386,776 shares of the company’s stock worth $2,260,000 after acquiring an additional 1,276,094 shares during the period. Finally, Almitas Capital LLC increased its holdings in Quince Therapeutics by 88.0% during the 4th quarter. Almitas Capital LLC now owns 930,134 shares of the company’s stock worth $3,116,000 after acquiring an additional 435,356 shares during the period. Institutional investors own 30.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on QNCX shares. Maxim Group lowered shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quince Therapeutics in a research report on Monday, December 29th. lowered shares of Quince Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 29th. Citigroup lowered shares of Quince Therapeutics from a “market outperform” rating to a “market perform” rating in a research report on Friday, January 30th. Finally, Lucid Cap Mkts lowered shares of Quince Therapeutics from a “strong-buy” rating to a “strong sell” rating in a research report on Friday, January 30th. Five equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Quince Therapeutics currently has a consensus rating of “Reduce” and an average target price of $6.50.

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.