# Q32 Bio Inc. (QTTB)

> Source: Nexqual · https://nexqual.com/QTTB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Q32 Bio Inc. (QTTB), nexqual.com/QTTB" · informational, not investment advice.

**Price:** USD 8.8 (+1.50% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 8.67 · day 8.6–9.01 · 52w 1.91–23.57 · market cap $262M · NCM

## Key facts
- Valuation: P/E 7.8x (avg 1.4x at the last 1 fiscal year-ends).
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $320K; 6 not under a Rule 10b5-1 plan ($320K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.86 on a 1–5 scale) (7 analysts), mean target USD 39.67 (range 29–59).
- Total return with dividends: 1Y +214.3% vs S&P 500 +14.9%; 5Y -91.8% vs S&P 500 +80.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $34.0M | $3.2M | $1.2M | $0K | $53.7M | — |
| Operating income | -$95.9M | -$133M | -$48.3M | -$66.1M | $16.9M | $21.5M |
| Net income | -$95.8M | -$5.0M | -$53.7M | -$47.7M | $29.8M | $33.8M |
| EPS (diluted) | -$31.14 | -$1.62 | -$153.96 | -$6.58 | $2.42 | — |
| Free cash flow | -$112M | -$115M | -$18.7M | -$67.8M | -$33.5M | — |
| Operating margin | -282.4% | -4154.6% | -4174.3% | — | 31.5% | — |
| Net margin | -281.9% | -156.0% | -4649.0% | — | 55.5% | — |
| Revenue growth | +1157.3% | -90.6% | -64.0% | -100.0% | — | — |
| Cash + short-term investments | $156M | $175M | $25.6M | $78.0M | — | — |
| Total debt | — | $30.0M | $38.6M | $0K | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 7.8x · P/B 2.5x · Earnings yield 12.90%
P/E at fiscal year-ends: Dec 2025 1.4x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-06 | Morrison Jodie Pope | CEO | 3,221 | $27K | 0.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-06 | Violette Shelia M. | Chief Scientific Officer | 917 | $8K | 0.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-06 | Kalowski Lee | CFO and President | 1,301 | $11K | 0.9% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Morrison Jodie Pope | CEO | 9,845 | $163K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Kalowski Lee | CFO and President | 3,972 | $66K | 2.8% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-25 | Violette Shelia M. | Chief Scientific Officer | 2,798 | $46K | 1.7% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.86 on a 1–5 scale), 7 analysts; mean target USD 39.67 (low 29, high 59).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Leerink Partners | Initiated | Outperform | $40 |
| 2026-09-28 | Jefferies | Initiated | Buy | $29 |
| 2026-08-24 | Morgan Stanley | Initiated | Overweight | $34 |
| 2026-07-28 | HC Wainwright & Co. | Target raised | Buy | $13 → $36 |
| 2026-07-13 | Oppenheimer | Target raised | Outperform | $20 → $40 |
| 2026-07-13 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $66 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +214.3% | -91.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +215.5% | -39.4% |
| Volatility (annualized) | 141.8% | 134.7% |
| Max drawdown | -64.8% (Jul 2026→Oct 2026) | -98.8% (Nov 2021→Jun 2025) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 90.9 +2.57% · LGND (Ligand Pharmaceuticals Incorpor) USD 307.82 -2.21% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.14 -3.28% · PRAX (Praxis Precision Medicines, Inc) USD 258.92 +0.96% · IONS (Ionis Pharmaceuticals, Inc.) USD 43.91 -0.81% · ABVX (Abivax SA) USD 90.23 -3.49%

## More
Full page: https://nexqual.com/QTTB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name QTTB in their own reports (relationship from QTTB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Akebia Therapeutics, Inc. (AKBA) | 10-K 2026-02-26 | "In November 2025, we entered into an asset purchase agreement with Q32 Bio Inc. and Q32 Bio Operations Inc., together Q32, pursuant to which we purchased and assumed substantially all assets and liabi…" |

## Company outlook (8-K filed 2026-08-05)

- "Q32 Bio anticipates data from the Part B OLE in the second half of 2027. • Registration-directed program evaluating bempikibart in patients with severe or very severe AA expected to initiate in the first half of 2027 and additional development opportunities being evaluated."
- "Q32 Bio disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.33 | $-0.38 | -14.0% | $0 | 7 |
| Next quarter (ends 2026-12-31) | $-0.30 | $-0.37 | -18.8% | $333,330 | 7 |
| Current fiscal year (ends 2026-12-31) | $-1.50 | $-1.74 | -13.7% | $333,330 | 7 |
| Next fiscal year (ends 2027-12-31) | $-2.27 | $-1.97 | +15.0% | $833,330 | 7 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 185.0% | ±25.9% |
| 2027-01-15 | 84 | 105.8% | ±44.0% |
| 2027-04-16 | 175 | 108.6% | ±62.8% |