Cingulate Inc. (NASDAQ:CING) Sees Large Growth in Short Interest

Cingulate Inc. (NASDAQ:CING) was the target of a large increase in short interest during the month of March. As of March 31st, there was short interest totaling 1,078,595 shares, an increase of 106.8% from the March 15th total of 521,519 shares. Based on an average daily volume of 890,395 shares, the short-interest ratio is currently 1.2 days. Currently, 9.7% of the company’s shares are short sold.

Cingulate Stock Up 0.7%

NASDAQ CING traded up $0.04 during trading on Monday, reaching $5.80. 194,953 shares of the company’s stock were exchanged, compared to its average volume of 454,089. The stock has a market cap of $67.46 million, a P/E ratio of -1.34 and a beta of -0.76. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50 day moving average price of $6.78 and a two-hundred day moving average price of $5.10. Cingulate has a 1 year low of $3.20 and a 1 year high of $11.89.

Cingulate (NASDAQ:CING) last announced its quarterly earnings results on Wednesday, March 18th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.28). On average, equities research analysts anticipate that Cingulate will post -11.69 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Cingulate in a report on Wednesday, January 21st. Roth Mkm dropped their target price on Cingulate from $16.00 to $14.00 and set a “buy” rating for the company in a research report on Monday, March 23rd. Finally, Ascendiant Capital Markets dropped their target price on Cingulate from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $34.50.

Insider Buying and Selling at Cingulate

In other Cingulate news, Director Peter J. Werth purchased 19,455 shares of the firm’s stock in a transaction dated Friday, February 6th. The shares were acquired at an average price of $5.04 per share, with a total value of $98,053.20. Following the purchase, the director directly owned 117,449 shares in the company, valued at approximately $591,942.96. This trade represents a 19.85% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Shane J. Schaffer purchased 6,809 shares of the firm’s stock in a transaction dated Friday, February 6th. The stock was acquired at an average cost of $5.04 per share, for a total transaction of $34,317.36. Following the purchase, the chief executive officer owned 10,175 shares in the company, valued at approximately $51,282. The trade was a 202.29% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders bought 33,074 shares of company stock worth $166,693. Corporate insiders own 4.33% of the company’s stock.

Institutional Trading of Cingulate

Institutional investors have recently bought and sold shares of the business. Bank of America Corp DE lifted its holdings in Cingulate by 283.1% during the 2nd quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock worth $31,000 after buying an additional 5,543 shares during the last quarter. Soltis Investment Advisors LLC acquired a new stake in shares of Cingulate during the fourth quarter worth about $43,000. XTX Topco Ltd acquired a new stake in shares of Cingulate during the second quarter worth about $45,000. Quadrature Capital Ltd acquired a new stake in shares of Cingulate during the fourth quarter worth about $66,000. Finally, Quantum Private Wealth LLC increased its position in shares of Cingulate by 140.0% during the third 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 owned by hedge funds and other institutional investors.

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.