Stock Traders Buy Large Volume of Put Options on Cingulate (NASDAQ:CING)

Cingulate Inc. (NASDAQ:CING) saw unusually large options trading activity on Tuesday. Traders bought 4,616 put options on the company. This is an increase of approximately 486% compared to the average volume of 788 put options.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CING. XTX Topco Ltd purchased a new position in shares of Cingulate during the 2nd quarter valued at $45,000. Bank of America Corp DE grew its position 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 in the last quarter. Quantum Private Wealth LLC grew its position 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 valued at $94,000 after purchasing an additional 14,000 shares in the last quarter. Soltis Investment Advisors LLC purchased a new position in shares of Cingulate during the 4th quarter valued at $43,000. Finally, Geode Capital Management LLC grew its position in shares of Cingulate by 43.9% during the 4th quarter. Geode Capital Management LLC now owns 61,035 shares of the company’s stock valued at $265,000 after purchasing an additional 18,629 shares in the last quarter. 41.31% of the stock is currently owned by hedge funds and other institutional investors.

Cingulate Stock Performance

Cingulate stock traded up $0.46 during mid-day trading on Tuesday, reaching $4.06. The company’s stock had a trading volume of 2,176,318 shares, compared to its average volume of 520,939. Cingulate has a 12-month low of $3.16 and a 12-month high of $11.89. The company has a market capitalization of $54.66 million, a P/E ratio of -0.89 and a beta of -0.85. The firm’s fifty day moving average price is $5.35 and its two-hundred day moving average price is $5.35.

Cingulate (NASDAQ:CING) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.95) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.42). On average, research analysts predict that Cingulate will post -2.38 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on CING. Weiss Ratings raised shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Ascendiant Capital Markets lowered their price target on shares of Cingulate from $58.00 to $55.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. Wall Street Zen cut shares of Cingulate from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of Cingulate in a report on Tuesday, May 26th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 price objective on shares of Cingulate in a research note on Tuesday, May 19th. Three analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cingulate has a consensus rating of “Moderate Buy” and an average target price of $28.33.

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.