Cingulate (NASDAQ:CING) Announces Quarterly Earnings Results

Cingulate (NASDAQ:CING) issued its earnings results on Thursday. The company reported ($0.45) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.18, FiscalAI reports.

Cingulate Price Performance

Cingulate stock traded down $0.23 during trading hours on Thursday, reaching $4.98. The stock had a trading volume of 211,721 shares, compared to its average volume of 456,655. The company has a market cap of $67.08 million, a price-to-earnings ratio of -1.18 and a beta of -0.90. The business’s 50 day moving average price is $4.91 and its 200-day moving average price is $5.59. Cingulate has a 52 week low of $3.16 and a 52 week high of $11.89.

Institutional Trading of Cingulate

A number of institutional investors have recently modified their holdings of CING. Bank of America Corp DE raised its stake 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 worth $31,000 after acquiring an additional 5,543 shares in the last quarter. XTX Topco Ltd purchased a new stake in Cingulate during the second quarter valued at approximately $45,000. Quadrature Capital Ltd acquired a new stake in Cingulate in the fourth quarter valued at approximately $66,000. DRW Securities LLC acquired a new stake in Cingulate in the fourth quarter valued at approximately $255,000. Finally, Geode Capital Management LLC grew its holdings in Cingulate by 43.9% in the fourth 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 last quarter. 41.31% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

CING has been the topic of a number of recent research reports. Wall Street Zen downgraded Cingulate from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Ascendiant Capital Markets lowered their price objective on shares of Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, June 8th. Roth Capital reissued a “buy” rating and set a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. HC Wainwright restated a “buy” rating and issued a $20.00 price target on shares of Cingulate in a report on Tuesday, May 26th. Finally, Weiss Ratings raised shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, July 24th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.33.

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.