Cognition Therapeutics (NASDAQ:CGTX – Get Free Report) posted its earnings results on Thursday. The company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.02, FiscalAI reports.
Cognition Therapeutics Stock Performance
Shares of NASDAQ:CGTX traded down $0.05 during midday trading on Friday, hitting $1.08. The company’s stock had a trading volume of 900,909 shares, compared to its average volume of 733,238. The stock’s 50 day simple moving average is $1.13 and its 200 day simple moving average is $1.12. The stock has a market capitalization of $96.66 million, a price-to-earnings ratio of -6.35 and a beta of 1.77. Cognition Therapeutics has a fifty-two week low of $0.55 and a fifty-two week high of $3.83.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $3.00 price target on shares of Cognition Therapeutics in a research note on Monday, June 22nd. Weiss Ratings reissued a “sell (d-)” rating on shares of Cognition Therapeutics in a research note on Wednesday, June 24th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Cognition Therapeutics presently has a consensus rating of “Moderate Buy” and an average price target of $3.33.
Institutional Trading of Cognition Therapeutics
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in Cognition Therapeutics by 105.6% in the 3rd quarter. Vanguard Group Inc. now owns 2,681,613 shares of the company’s stock valued at $3,620,000 after purchasing an additional 1,377,263 shares during the period. Acadian Asset Management LLC increased its holdings in shares of Cognition Therapeutics by 814.1% during the 1st quarter. Acadian Asset Management LLC now owns 1,007,586 shares of the company’s stock worth $422,000 after purchasing an additional 897,353 shares during the period. Millennium Management LLC acquired a new position in shares of Cognition Therapeutics during the third quarter valued at about $757,000. Renaissance Technologies LLC raised its position in shares of Cognition Therapeutics by 35.9% during the fourth quarter. Renaissance Technologies LLC now owns 969,513 shares of the company’s stock valued at $1,309,000 after buying an additional 256,013 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Cognition Therapeutics by 22.6% in the fourth quarter. Geode Capital Management LLC now owns 873,954 shares of the company’s stock valued at $1,180,000 after buying an additional 161,227 shares during the period. Institutional investors and hedge funds own 43.35% of the company’s stock.
About Cognition Therapeutics
Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing disease-modifying therapies for neurodegenerative disorders, with an emphasis on Alzheimer’s disease. The company’s lead investigational candidate, CT1812, is an oral small molecule that antagonizes the sigma-2 receptor complex to protect synapses from amyloid-beta oligomer toxicity. By targeting a novel mechanism of action, Cognition Therapeutics aims to slow or reverse cognitive decline in patients living with Alzheimer’s disease.
CT1812 has successfully completed Phase 1 safety studies and preliminary Phase 2a trials, and is currently being evaluated in multiple Phase 2 clinical studies across North America and Europe in patients with mild-to-moderate Alzheimer’s disease.
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