Cingulate (NASDAQ:CING) Given New $16.00 Price Target at Roth Capital

Cingulate (NASDAQ:CING) had its price objective dropped by research analysts at Roth Capital from $17.00 to $16.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Capital’s target price would indicate a potential upside of 365.12% from the stock’s previous close.

A number of other research analysts have also recently issued reports on the company. Ascendiant Capital Markets boosted their target price on Cingulate from $61.00 to $62.00 and gave the company a “buy” rating in a research note on Friday, August 22nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cingulate in a research report on Wednesday, October 8th. Five equities research 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, Cingulate has an average rating of “Moderate Buy” and an average target price of $27.50.

Cingulate Trading Up 1.8%

NASDAQ CING traded up $0.06 on Wednesday, hitting $3.44. 30,326 shares of the company were exchanged, compared to its average volume of 155,297. Cingulate has a 1-year low of $3.20 and a 1-year high of $6.01. The firm has a 50 day moving average of $3.81 and a two-hundred day moving average of $4.13. The company has a market cap of $23.25 million, a P/E ratio of -0.96 and a beta of -0.74.

Cingulate (NASDAQ:CING) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($1.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.55). Research analysts anticipate that Cingulate will post -11.69 EPS for the current fiscal year.

Hedge Funds Weigh In On Cingulate

Several institutional investors and hedge funds have recently modified their holdings of CING. Bank of America Corp DE boosted its stake in shares of Cingulate by 283.1% in the second quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock valued at $31,000 after buying an additional 5,543 shares during the period. XTX Topco Ltd bought a new stake in shares of Cingulate during the 2nd quarter valued at $45,000. Finally, Quantum Private Wealth LLC grew its holdings in shares of Cingulate by 140.0% during the 3rd quarter. Quantum Private Wealth LLC now owns 24,000 shares of the company’s stock worth $94,000 after purchasing an additional 14,000 shares in the last quarter. 41.31% of the stock is currently owned by institutional investors and hedge funds.

Cingulate Company Profile

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.