Shares of Cingulate Inc. (NASDAQ:CING – Get Free Report) were down 8.7% on Thursday . The stock traded as low as $5.35 and last traded at $5.38. Approximately 375,411 shares were traded during trading, an increase of 9% from the average daily volume of 344,237 shares. The stock had previously closed at $5.89.
Analysts Set New Price Targets
A number of research firms recently issued reports on CING. Wall Street Zen downgraded shares of Cingulate from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. HC Wainwright reiterated a “buy” rating and issued a $20.00 price target on shares of Cingulate in a report on Tuesday, May 26th. 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 note on Monday, June 8th. Weiss Ratings upgraded Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Cingulate currently has a consensus rating of “Moderate Buy” and an average target price of $27.33.
Read Our Latest Report on Cingulate
Cingulate Stock Performance
Cingulate (NASDAQ:CING – Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.42). On average, equities analysts predict that Cingulate Inc. will post -2.4 earnings per share for the current fiscal year.
Institutional Trading of Cingulate
A number of institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its holdings in Cingulate by 283.1% in 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 in the last quarter. Soltis Investment Advisors LLC acquired a new position in shares of Cingulate during the fourth quarter worth about $43,000. XTX Topco Ltd purchased a new stake in shares of Cingulate in the second quarter worth about $45,000. Quadrature Capital Ltd purchased a new stake in shares of Cingulate in the fourth quarter worth about $66,000. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Cingulate in the first quarter valued at about $116,000. 41.31% of the stock is owned by hedge funds and other institutional investors.
About Cingulate
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.
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