Shares of Quantum Computing Inc. (QUBT) soared 5.06% in pre-market trading on Friday, as investors reacted positively to a significant target price upgrade from a prominent financial firm.

Ascendiant Capital Markets, a well-respected investment banking and institutional securities firm, has dramatically raised its price target for Quantum Computing Inc. The firm increased its target from $22 to $40, representing a substantial 81.8% increase in their valuation of the company's potential.

This considerable upward revision in the price target suggests that Ascendiant Capital Markets has become increasingly bullish on Quantum Computing Inc.'s prospects. The move is likely to boost investor confidence in the quantum computing firm, potentially driving further interest and investment in the stock. As the quantum computing sector continues to evolve rapidly, such positive analyst sentiment could signal growing optimism about QUBT's position in this cutting-edge technology market.