Raymond James Starts Coverage of Quince Therapeutics with Outperform Rating

Raymond James has initiated coverage of Quince Therapeutics (NASDAQ: QNCX) with an outperform rating and a $72.00 price target. This rating reflects the firm's view on the company's focus regarding its lead drug candidate, LAM-001.

This initiation follows the decision by Quince Therapeutics to prioritize its inhaled rapamycin formulation. The drug is currently in development for two respiratory conditions: pulmonary hypertension associated with interstitial lung disease and bronchiolitis obliterans syndrome. The company increased this focus after the May 2026 acquisition of Orphai Therapeutics.

"The company's strategic pivot toward its LAM-001 drug candidate following its May 2026 acquisition of Orphai Therapeutics represents a significant shift in its clinical development trajectory," according to an Investing.com report covering the analyst initiation.

Potential Change-of-Control Event

Quince Therapeutics is preparing for a special stockholder meeting to address a potential change-of-control event. The meeting agenda includes a vote on the issuance of shares related to the conversion of its Series C Non-Voting Convertible Preferred Stock.

Approval of this conversion could result in the issuance of shares representing more than 20% of the company's outstanding common stock. This threshold often triggers regulatory and exchange requirements for shareholder approval because of the potential for dilution and changes in voting power.

Financial Context

This analyst coverage occurs while Raymond James Financial Inc. (RJF) continues its market operations. Shares of Raymond James Financial traded at $156.70 on October 15, 2026. The initiation of QNCX with an outperform rating indicates that the firm expects the biotech company to manage the upcoming regulatory and clinical milestones for LAM-001 effectively.

Investors are focused on the results of the special meeting and the clinical efficacy data for LAM-001 as it moves through the development pipeline. The ability of the company to integrate the Orphai Therapeutics assets and secure shareholder support for the preferred stock conversion remains a central factor in its corporate strategy.