Cingulate (NASDAQ:CING) Shares Down 0.2% – Here’s Why

Shares of Cingulate Inc. (NASDAQ:CING) dropped 0.2% during trading on Monday . The stock traded as low as $5.21 and last traded at $5.23. Approximately 75,479 shares changed hands during trading, a decline of 32% from the average session volume of 111,032 shares. The stock had previously closed at $5.24.

Analysts Set New Price Targets

Several analysts recently weighed in on CING shares. Ascendiant Capital Markets lowered their price objective on Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a report on Monday, June 8th. Wall Street Zen upgraded Cingulate from a “sell” rating to a “hold” rating in a research report on Saturday, August 29th. Roth Capital set a $9.00 price target on Cingulate and gave the company a “buy” rating in a report on Sunday, August 23rd. HC Wainwright reissued a “buy” rating and set a $20.00 price target on shares of Cingulate in a research report on Tuesday, May 26th. Finally, Weiss Ratings upgraded Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, September 16th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Cingulate presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.00.

Cingulate Price Performance

The stock’s fifty day simple moving average is $5.06 and its 200-day simple moving average is $5.39. The stock has a market cap of $72.41 million, a P/E ratio of -1.39 and a beta of -0.88.

Cingulate (NASDAQ:CING) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.45) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.63) by $0.18. Analysts forecast that Cingulate Inc. will post -2.31 EPS for the current year.

Institutional Investors Weigh In On Cingulate

A number of hedge funds have recently added to or reduced their stakes in CING. BlackRock Inc. bought a new position in shares of Cingulate during the second quarter worth about $291,000. Renaissance Technologies LLC bought a new position in Cingulate in the 1st quarter worth about $198,000. Chicago Partners Investment Group LLC bought a new position in Cingulate in the 1st quarter worth about $116,000. Finally, Kestra Advisory Services LLC increased its stake in shares of Cingulate by 14.8% in the first quarter. Kestra Advisory Services LLC now owns 140,000 shares of the company’s stock valued at $869,000 after purchasing an additional 18,000 shares during the period. 41.31% of the stock is currently owned by institutional investors.

Cingulate Company Profile

Cingulate Inc is a clinical-stage biopharmaceutical company focused on developing treatments for attention-deficit/hyperactivity disorder (ADHD). The company is developing its proprietary Precision Timed Release (PTR) drug-delivery platform, which is designed to deliver multiple doses of medication from a single tablet at predetermined times during the day.

Cingulate’s lead product candidate, CTx-1301, is an extended-release formulation of dexmethylphenidate intended to provide a full day of ADHD symptom control with once-daily dosing.