Cingulate (NASDAQ:CING) Issues Quarterly Earnings Results

Cingulate (NASDAQ:CING) released its quarterly earnings data 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 Stock Up 2.0%

Shares of NASDAQ:CING traded up $0.10 during trading on Friday, reaching $5.09. 207,625 shares of the company’s stock traded hands, compared to its average volume of 146,510. Cingulate has a fifty-two week low of $3.16 and a fifty-two week high of $11.89. The company has a 50-day simple moving average of $4.92 and a 200-day simple moving average of $5.59. The firm has a market cap of $68.56 million, a PE ratio of -1.42 and a beta of -0.90.

Institutional Trading of Cingulate

Institutional investors have recently bought and sold shares of the business. 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 buying an additional 5,543 shares during the period. XTX Topco Ltd purchased a new position in shares of Cingulate during the 2nd quarter valued at approximately $45,000. Quadrature Capital Ltd acquired a new stake in Cingulate in the 4th quarter valued at $66,000. DRW Securities LLC acquired a new stake in Cingulate in the 4th quarter valued at $255,000. Finally, Geode Capital Management LLC increased its holdings in Cingulate by 43.9% in the 4th quarter. Geode Capital Management LLC now owns 61,035 shares of the company’s stock worth $265,000 after acquiring an additional 18,629 shares in the last quarter. 41.31% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently commented on CING shares. Roth Capital reaffirmed a “buy” rating and set a $10.00 target price on shares of Cingulate in a report on Tuesday, May 19th. HC Wainwright reissued a “buy” rating and issued a $20.00 price target on shares of Cingulate in a report on Tuesday, May 26th. Wall Street Zen upgraded Cingulate from a “strong sell” rating to a “sell” rating in a research report on Saturday. Ascendiant Capital Markets dropped their price objective on shares of Cingulate from $55.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, June 8th. 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 equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cingulate has an average rating of “Moderate Buy” and an average target price of $27.33.

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.