Cingulate (NASDAQ:CING) Trading Down 4.1% – Here’s Why

Cingulate Inc. (NASDAQ:CING) shares were down 4.1% on Friday . The company traded as low as $4.55 and last traded at $4.64. Approximately 78,014 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 287,087 shares. The stock had previously closed at $4.84.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on CING shares. HC Wainwright reissued a “buy” rating and issued a $20.00 price objective on shares of Cingulate in a research note on Tuesday, May 26th. Roth Capital restated a “buy” rating and set a $10.00 target price on shares of Cingulate in a research note on Tuesday, May 19th. Wall Street Zen downgraded shares of Cingulate from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Weiss Ratings lowered Cingulate from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, July 9th. Finally, Ascendiant Capital Markets decreased their price target on Cingulate from $55.00 to $52.00 and set a “buy” rating on the stock in a report on Monday, June 8th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $27.33.

Cingulate Trading Down 4.1%

The company has a 50 day simple moving average of $4.77 and a two-hundred day simple moving average of $5.61. The firm has a market capitalization of $62.50 million, a P/E ratio of -1.10 and a beta of -0.91.

Cingulate (NASDAQ:CING) last released its earnings results on Thursday, May 14th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.42). On average, sell-side analysts expect that Cingulate Inc. will post -2.4 EPS for the current fiscal year.

Institutional Trading of Cingulate

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE boosted its holdings in shares of Cingulate by 283.1% during 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 last quarter. Soltis Investment Advisors LLC bought a new stake in shares of Cingulate in the fourth quarter worth about $43,000. XTX Topco Ltd bought a new stake in shares of Cingulate in the second quarter worth about $45,000. Quadrature Capital Ltd purchased a new stake in shares of Cingulate in the fourth quarter worth about $66,000. Finally, Chicago Partners Investment Group LLC purchased a new stake in shares of Cingulate in the first quarter worth about $116,000. Hedge funds and other 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.