Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) Sees Large Decrease in Short Interest

Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) saw a large decline in short interest in the month of October. As of October 15th, there was short interest totaling 20,231 shares, a decline of 69.1% from the September 30th total of 65,473 shares. Based on an average trading volume of 47,994 shares, the days-to-cover ratio is presently 0.4 days. Approximately 0.5% of the shares of the company are short sold.

Quoin Pharmaceuticals Stock Performance

NASDAQ:QNRX opened at $4.03 on Wednesday. The stock has a market capitalization of $19.34 million, a PE ratio of -0.16 and a beta of 1.56. Quoin Pharmaceuticals has a fifty-two week low of $3.25 and a fifty-two week high of $23.50. The company has a fifty day moving average of $5.47 and a two-hundred day moving average of $6.22.

Quoin Pharmaceuticals (NASDAQ:QNRX) last announced its earnings results on Friday, August 14th. The company reported ($1.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.61) by ($0.29). Research analysts forecast that Quoin Pharmaceuticals will post -7.45 earnings per share for the current year.

Wall Street Analyst Weigh In

QNRX has been the topic of several research reports. Lake Street Capital began coverage on shares of Quoin Pharmaceuticals in a report on Wednesday, September 23rd. They issued a “buy” rating and a $20.00 price target on the stock. Wall Street Zen upgraded Quoin Pharmaceuticals to a “sell” rating in a research report on Saturday, October 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Quoin Pharmaceuticals in a research report on Friday, October 16th. Canaccord Genuity Group started coverage on Quoin Pharmaceuticals in a report on Monday, October 19th. They issued a “buy” rating and a $18.00 price target for the company. Finally, BTIG Research initiated coverage on Quoin Pharmaceuticals in a research report on Monday, October 12th. They set a “buy” rating and a $14.00 price target on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $17.33.

Insider Transactions at Quoin Pharmaceuticals

In other news, CEO Michael Myers bought 20,490 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 $99,991.20. Following the completion of the acquisition, the chief executive officer directly owned 37,713 shares of the company’s stock, valued at $184,039.44. This trade represents a 118.97% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Sally Lawlor bought 10,244 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were purchased at an average cost of $4.88 per share, with a total value of $49,990.72. Following the acquisition, the chief financial officer directly owned 10,684 shares of the company’s stock, valued at approximately $52,137.92. This trade represents a 2,328.18% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 57,370 shares of company stock worth $279,966 in the last 90 days. 7.54% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in Quoin Pharmaceuticals stock. SummitTX Capital L.P. raised its position in Quoin Pharmaceuticals, Ltd. Sponsored ADR (NASDAQ:QNRX) by 54.8% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 100,300 shares of the company’s stock after buying an additional 35,505 shares during the period. SummitTX Capital L.P. owned about 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 institutional investors.

Quoin Pharmaceuticals Company Profile

Quoin Pharmaceuticals, Ltd. is a clinical-stage specialty pharmaceutical company focused on developing treatments for rare and orphan diseases. The company is primarily pursuing therapies for conditions with significant unmet medical needs, including rare genetic disorders affecting the skin.

Quoin’s lead program is QRX003, a topical lotion being developed for Netherton syndrome, a rare inherited skin disorder associated with impaired skin-barrier function. The company is also developing QRX004, a topical product candidate intended for recessive dystrophic epidermolysis bullosa, a severe genetic skin disease.