Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Stock Short Interest Declines 76.0%

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) was the target of a significant decline in short interest in September. As of September 15th, there was short interest totaling 126,292 shares, a decline of 76.0% from the August 31st total of 526,654 shares. Based on an average trading volume of 152,599 shares, the short-interest ratio is currently 0.8 days. Approximately 7.1% of the company’s stock are short sold.

Insider Buying and Selling

In other news, CEO Michael Myers bought 20,490 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was acquired at an average cost of $4.88 per share, with a total value of $99,991.20. Following the completion of the acquisition, the chief executive officer owned 37,713 shares of the company’s stock, valued at approximately $184,039.44. This represents a 118.97% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Sally Bridget Lawlor acquired 10,244 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average price of $4.88 per share, with a total value of $49,990.72. Following the completion of the acquisition, the chief financial officer owned 10,684 shares in the company, valued at $52,137.92. The trade was a 2,328.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 57,370 shares of company stock valued at $279,966. 11.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Quoin Pharmaceuticals stock. SummitTX Capital L.P. lifted its position in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 100,300 shares of the company’s stock after acquiring an additional 35,505 shares during the quarter. SummitTX Capital L.P. owned 5.56% of Quoin Pharmaceuticals worth $662,000 at the end of the most recent reporting period. 8.63% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

QNRX has been the topic of several research analyst reports. Lake Street Capital began coverage on shares of Quoin Pharmaceuticals in a research note on Wednesday. They set a “buy” rating and a $20.00 target price on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Monday, July 20th. Finally, ThinkEquity began coverage on Quoin Pharmaceuticals in a research note on Monday, June 15th. They issued a “buy” rating for the company. Two investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $20.00.

Quoin Pharmaceuticals Stock Up 0.8%

NASDAQ QNRX traded up $0.05 during trading on Friday, hitting $6.43. 11,014 shares of the stock traded hands, compared to its average volume of 1,670,566. The firm has a 50-day simple moving average of $5.67 and a 200-day simple moving average of $5.70. Quoin Pharmaceuticals has a 12-month low of $3.25 and a 12-month high of $41.80. The company has a market capitalization of $12.91 million, a P/E ratio of -0.26 and a beta of 1.51.

Quoin Pharmaceuticals (NASDAQ:QNRX) last released its quarterly earnings data on Friday, August 14th. The company reported ($1.90) EPS for the quarter, missing the consensus estimate of ($1.61) by ($0.29). As a group, research analysts predict that Quoin Pharmaceuticals will post -7.45 EPS for the current fiscal year.

About Quoin Pharmaceuticals

Quoin Pharmaceuticals Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare diseases, with an initial emphasis on serious dermatological conditions. The company is developing proprietary topical formulations intended to deliver therapies directly to affected skin while addressing unmet medical needs in patient populations with limited treatment options.

Quoin’s lead product candidate, QRX003, is a topical lotion formulation of sirolimus being developed for the treatment of Netherton syndrome, a rare genetic skin disorder.