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QNCX shares have declined nearly 96% from January 28 to Monday's close. However, the company announced that it has appointed LifeSci Capital as its exclusive financial advisor to "support a restructuring effort and review strategic alternatives", which caused the stock to surge 305% today and it's around 78% up after hours.
How can these news impact a stock so much? I get hiring a company to maximize shareholder value" would cause a surge, but something this big?
According to [ this article ](https://www.gurufocus.com/news/8568093/quince-therapeutics-qncx-downgraded-by-citizens-to-market-perform-qncx-stock-news) "Based on the one-year price targets offered by 6 analysts, the average target price for Quince Therapeutics Inc (QNCX, Financial) is $7.67 with a high estimate of $10.00 and a low estimate of $5.00", with the current stock being at 0.94 after hours.
Is there something I'm not getting?