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Wed, April 5 at 4:00PM ET

Why Is Quince Therapeutics (NASDAQ:QNCX) Stock Up 53% Today?

  • Quince Therapeutics (QNCX) stock is rising on asset sale news.
  • The company is selling its legacy small molecule protease inhibitor portfolio.
  • That includes a potential Alzheimer’s disease treatment.
QNCX Stock - Why Is Quince Therapeutics (NASDAQ:QNCX) Stock Up 53% Today?

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Quince Therapeutics (NASDAQ:QNCX) stock is rocketing higher on Friday after completing an asset sale to Lighthouse Pharmaceuticals.

This sale covers the company’s legacy small molecule protease inhibitor portfolio. Benefits of the sale include a potential $150 million in milestone payments, a 7.5% stake in Lighthouse Pharmaceuticals, as well as reducing expenses by $500,000 per year.

The sale includes COR588, COR388, COR852, and COR803. COR588 is worth highlighting as its ready for a Phase 2 clinical trial as a treatment for Alzheimer’s disease.

Investors will note that Lighthouse Pharmaceuticals was co-founded by Casey Lynch. Lynch is the former CEO of Cortexyme, which is the predecessor company of Quince Therapeutics.

Dirk Thye, M.D., CEO of Quince Therapeutics, said the following about the deal:

‘This transaction represents the fulfillment of our previously stated objective to out-license Quince’s legacy protease inhibitor portfolio. We are pleased to transfer these programs to Lighthouse as they have a tremendous amount of expertise, experience, and historical knowledge of the compounds and therapeutic area.”

QNCX Stock Reactions on Friday

Following news of the asset sale, QNCX stock is seeing heavy trading as investors buy shares. This has more than 40 million shares of the stock changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is only about 237,000 shares.

QNCX stock is up 52.5% as of Friday morning.

There’s more recent stock market news traders will want to know about below!

We’ve got all of the hottest stock market coverage investors need to know about on Friday! That includes what’s happening with shares of Chewy (NYSE:CHWY), QuantumScape (NYSE:QS), and Bed Bath & Beyond (NASDAQ:BBBY) stock today. You can catch up on all that news at the following links!

More Friday Stock Market News

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Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/01/why-is-quince-therapeutics-nasdaq-qncx-stock-up-53-today/.

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