Thomas Jeffrey Hargroves Acquires 97,276 Shares of Cingulate (NASDAQ:CING) Stock

Cingulate Inc. (NASDAQ:CING) Director Thomas Jeffrey Hargroves bought 97,276 shares of the stock in a transaction dated Friday, February 13th. The shares were bought at an average cost of $5.04 per share, with a total value of $490,271.04. Following the completion of the acquisition, the director directly owned 97,468 shares of the company’s stock, valued at approximately $491,238.72. The trade was a 50,664.58% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Cingulate Trading Up 2.6%

NASDAQ:CING opened at $4.65 on Wednesday. The firm has a market capitalization of $62.64 million, a PE ratio of -1.10 and a beta of -0.85. The stock has a 50 day moving average of $5.10 and a 200-day moving average of $5.40. Cingulate Inc. has a 52 week low of $3.16 and a 52 week high of $11.89.

Cingulate (NASDAQ:CING) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.42). As a group, analysts predict that Cingulate Inc. will post -2.34 EPS for the current fiscal year.

Institutional Investors Weigh In On Cingulate

A number of institutional investors have recently added to or reduced their stakes in CING. DRW Securities LLC acquired a new stake in Cingulate in the fourth quarter worth approximately $255,000. Renaissance Technologies LLC acquired a new stake in Cingulate in the first quarter worth approximately $198,000. Kestra Advisory Services LLC lifted its position in Cingulate by 29.8% in the fourth quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company’s stock worth $529,000 after purchasing an additional 27,979 shares during the period. XTX Topco Ltd acquired a new stake in Cingulate in the fourth quarter worth approximately $90,000. Finally, Chicago Partners Investment Group LLC acquired a new stake in shares of Cingulate during the 1st quarter valued at $116,000. 41.31% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CING. Wall Street Zen downgraded Cingulate from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Ascendiant Capital Markets reduced their price objective on Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research report on Monday. Roth Mkm reiterated a “buy” rating and set a $10.00 price objective on shares of Cingulate in a research report on Tuesday, May 19th. HC Wainwright reiterated a “buy” rating and set a $20.00 price objective on shares of Cingulate in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $27.33.

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.