Cingulate (NASDAQ:CING) Announces Earnings Results, Misses Expectations By $0.28 EPS

Cingulate (NASDAQ:CING) announced its quarterly earnings data on Wednesday. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.28), Zacks reports.

Cingulate Trading Up 0.0%

CING stock opened at $8.04 on Thursday. Cingulate has a 12-month low of $3.20 and a 12-month high of $11.89. The business’s 50-day moving average is $6.45 and its 200 day moving average is $4.79. The stock has a market cap of $65.56 million, a price-to-earnings ratio of -2.22 and a beta of -0.77.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Ascendiant Capital Markets cut their price objective on shares of Cingulate from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, December 8th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Cingulate in a research note on Wednesday, January 21st. Finally, Roth Mkm decreased their target price on Cingulate from $17.00 to $16.00 and set a “buy” rating for the company in a report on Wednesday, November 19th. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Cingulate has an average rating of “Hold” and an average target price of $37.00.

Insider Activity at Cingulate

In other news, Director Peter J. Werth purchased 19,455 shares of the stock in a transaction dated Friday, February 6th. The shares were purchased at an average cost of $5.04 per share, with a total value of $98,053.20. Following the completion of the purchase, the director directly owned 117,449 shares of the company’s stock, valued at approximately $591,942.96. The trade was a 19.85% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Shane J. Schaffer acquired 6,809 shares of Cingulate stock in a transaction that occurred on Friday, February 6th. The stock was purchased at an average cost of $5.04 per share, with a total value of $34,317.36. Following the completion of the purchase, the chief executive officer owned 10,175 shares in the company, valued at $51,282. The trade was a 202.29% increase in their position. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 33,074 shares of company stock worth $166,693. Company insiders own 4.33% of the company’s stock.

Hedge Funds Weigh In On Cingulate

A number of hedge funds have recently modified their holdings of the business. Bank of America Corp DE raised its holdings in 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 buying an additional 5,543 shares during the period. XTX Topco Ltd acquired a new stake in shares of Cingulate during the second quarter valued at about $45,000. Quadrature Capital Ltd acquired a new stake in shares of Cingulate during the fourth quarter valued at about $66,000. DRW Securities LLC purchased a new stake in shares of Cingulate in the 4th quarter valued at approximately $255,000. Finally, Geode Capital Management LLC lifted its holdings in shares of 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 acquiring an additional 18,629 shares during the last quarter. 41.31% of the stock is currently owned by hedge funds and other institutional investors.

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.