Cingulate (NASDAQ:CING) Announces Quarterly Earnings Results, Misses Expectations By $0.42 EPS

Cingulate (NASDAQ:CING) announced its quarterly earnings results on Thursday. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.42), FiscalAI reports.

Cingulate Stock Down 10.8%

Shares of NASDAQ:CING opened at $4.39 on Friday. Cingulate has a 1 year low of $3.20 and a 1 year high of $11.89. The company has a market capitalization of $53.78 million, a PE ratio of -1.02 and a beta of -0.81. The business has a fifty day moving average price of $6.28 and a two-hundred day moving average price of $5.29. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.16 and a quick ratio of 1.16.

Wall Street Analyst Weigh In

CING has been the subject of several recent analyst reports. Ascendiant Capital Markets reduced their target price on shares of Cingulate from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Wednesday, April 8th. Roth Mkm dropped their price target on shares of Cingulate from $16.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday, March 23rd. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cingulate in a report on Monday, April 20th. Two research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $34.50.

Hedge Funds Weigh In On Cingulate

Several institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in shares of Cingulate by 283.1% during the second quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock worth $31,000 after acquiring an additional 5,543 shares in the last quarter. XTX Topco Ltd bought a new stake in shares of Cingulate during the 2nd quarter valued at $45,000. Quadrature Capital Ltd purchased a new stake in Cingulate during the 4th quarter worth about $66,000. Geode Capital Management LLC boosted its stake in Cingulate by 43.9% in the 4th quarter. Geode Capital Management LLC now owns 61,035 shares of the company’s stock worth $265,000 after purchasing an additional 18,629 shares during the period. Finally, Kestra Advisory Services LLC grew its holdings in Cingulate by 29.8% during the 4th quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company’s stock valued at $529,000 after buying an additional 27,979 shares in the last quarter. Institutional investors own 41.31% of the company’s stock.

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.