Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) Sees Large Increase in Short Interest

Quoin Pharmaceuticals, Ltd. (NASDAQ:QNRX) was the recipient of a significant increase in short interest during the month of February. As of February 28th, there was short interest totalling 2,680,000 shares, an increase of 5,936.0% from the February 13th total of 44,400 shares. Based on an average daily volume of 5,370,000 shares, the short-interest ratio is currently 0.5 days. Currently, 55.1% of the company’s shares are short sold.

Quoin Pharmaceuticals Stock Down 0.5 %

Shares of Quoin Pharmaceuticals stock opened at $0.30 on Thursday. The firm has a market capitalization of $1.50 million, a P/E ratio of -0.07 and a beta of 1.82. The company has a 50 day moving average price of $0.41 and a 200 day moving average price of $0.56. Quoin Pharmaceuticals has a 52 week low of $0.27 and a 52 week high of $1.57.

Insider Transactions at Quoin Pharmaceuticals

In other news, Director Anthony James Culverwell purchased 100,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were acquired at an average cost of $0.45 per share, for a total transaction of $45,000.00. Following the acquisition, the director now owns 100,317 shares of the company’s stock, valued at approximately $45,142.65. This represents a 31,545.74 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Gordon Dunn purchased 122,221 shares of the stock in a transaction dated Monday, December 23rd. The stock was purchased at an average price of $0.45 per share, for a total transaction of $54,999.45. Following the completion of the acquisition, the chief financial officer now directly owns 151,077 shares in the company, valued at approximately $67,984.65. This represents a 423.55 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have purchased 777,777 shares of company stock worth $350,000. Insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Quoin Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of QNRX. Apollon Wealth Management LLC purchased a new position in shares of Quoin Pharmaceuticals during the 4th quarter valued at approximately $52,000. Boothbay Fund Management LLC purchased a new position in shares of Quoin Pharmaceuticals during the 4th quarter worth $53,000. Renaissance Technologies LLC raised its holdings in shares of Quoin Pharmaceuticals by 244.1% during the 4th quarter. Renaissance Technologies LLC now owns 133,122 shares of the company’s stock worth $87,000 after acquiring an additional 94,431 shares during the period. Finally, Altium Capital Management LLC purchased a new stake in Quoin Pharmaceuticals in the 4th quarter valued at about $184,000. 8.63% of the stock is owned by hedge funds and other institutional investors.

About Quoin Pharmaceuticals

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.