Cingulate (NASDAQ:CING) Issues Earnings Results

Cingulate (NASDAQ:CING) announced its quarterly earnings results on Thursday. The company reported ($0.45) EPS for the quarter, beating the consensus estimate of ($0.63) by $0.18, FiscalAI reports.

Cingulate Stock Performance

CING stock traded down $0.22 during midday trading on Thursday, hitting $4.99. 240,307 shares of the company’s stock were exchanged, compared to its average volume of 456,870. The stock’s fifty day moving average price is $4.91 and its 200-day moving average price is $5.59. The company has a market cap of $67.22 million, a PE ratio of -1.18 and a beta of -0.90. Cingulate has a one year low of $3.16 and a one year high of $11.89.

Institutional Investors Weigh In On Cingulate

Hedge funds and other institutional investors have recently made changes to their positions in the stock. XTX Topco Ltd acquired a new position in Cingulate in the 2nd quarter worth $45,000. Bank of America Corp DE raised its stake in shares of 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 during the period. Geode Capital Management LLC lifted its holdings in shares of Cingulate by 43.9% in the fourth quarter. Geode Capital Management LLC now owns 61,035 shares of the company’s stock valued at $265,000 after purchasing an additional 18,629 shares in the last quarter. DRW Securities LLC bought a new stake in shares of Cingulate in the fourth quarter valued at about $255,000. Finally, Kestra Advisory Services LLC grew its holdings in shares of Cingulate by 29.8% during the fourth quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company’s stock worth $529,000 after buying an additional 27,979 shares in the last quarter. 41.31% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Roth Capital reiterated a “buy” rating and issued a $10.00 price objective on shares of Cingulate in a research report on Tuesday, May 19th. Weiss Ratings upgraded shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 24th. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Cingulate in a research report on Tuesday, May 26th. Ascendiant Capital Markets decreased their price objective on Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, June 8th. Finally, Wall Street Zen downgraded Cingulate from a “sell” rating to a “strong sell” rating in a 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average 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.