Cingulate (NASDAQ:CING) Shares Down 8.7% – Here’s What Happened
by Danessa Lincoln · The Markets DailyCingulate Inc. (NASDAQ:CING – Get Free Report) shares were down 8.7% during mid-day trading on Thursday . The stock traded as low as $5.35 and last traded at $5.38. 375,411 shares changed hands during trading, an increase of 9% from the average daily volume of 344,237 shares. The stock had previously closed at $5.89.
Analyst Upgrades and Downgrades
Several analysts have weighed in on CING shares. HC Wainwright reiterated a “buy” rating and set a $20.00 target price on shares of Cingulate in a research note on Tuesday, May 26th. Weiss Ratings upgraded shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Roth Mkm restated a “buy” rating and issued a $10.00 price target on shares of Cingulate in a research report on Tuesday, May 19th. Ascendiant Capital Markets lowered their price objective on shares of Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research report on Monday, June 8th. Finally, Wall Street Zen downgraded shares of Cingulate from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $27.33.
Get Our Latest Research Report on Cingulate
Cingulate Trading Down 8.7%
The firm has a market cap of $72.47 million, a price-to-earnings ratio of -1.27 and a beta of -0.91. The stock has a 50-day moving average of $4.85 and a 200-day moving average of $5.54.
Cingulate (NASDAQ:CING – Get Free Report) last issued its earnings results on Thursday, May 14th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.42). As a group, research analysts expect that Cingulate Inc. will post -2.4 earnings per share for the current fiscal year.
Institutional Trading of Cingulate
A number of large investors have recently modified their holdings of CING. Bank of America Corp DE boosted its stake in Cingulate by 283.1% during the 2nd quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock valued at $31,000 after purchasing an additional 5,543 shares during the period. Soltis Investment Advisors LLC acquired a new stake in shares of Cingulate in the fourth quarter valued at approximately $43,000. XTX Topco Ltd acquired a new stake in shares of Cingulate in the second quarter valued at approximately $45,000. Quadrature Capital Ltd bought a new stake in shares of Cingulate during the fourth quarter valued at approximately $66,000. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Cingulate during the first quarter valued at approximately $116,000. Institutional investors and hedge funds own 41.31% of the company’s stock.
Cingulate Company Profile
Cingulate Inc, a biopharmaceutical company, focuses on the development of pharmaceutical products for the treatment of attention deficit/hyperactivity disorder and anxiety in the United States. The company’s stimulant medications are CTx-1301 (dexmethylphenidate), which is in phase 3 clinical trial, as well as CTx-1302 (dextroamphetamine), which is in investigational new drug application development for the treatment of attention deficit/hyperactivity disorder intended for children, adolescents, and adults.