Ascendiant Capital Markets Issues Pessimistic Forecast for Cingulate (NASDAQ:CING) Stock Price

Cingulate (NASDAQ:CING) had its price objective cut by analysts at Ascendiant Capital Markets from $52.00 to $44.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other research firms also recently commented on CING. Wall Street Zen raised Cingulate from a “strong sell” rating to a “sell” rating in a research note on Saturday, August 15th. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Cingulate in a report on Tuesday, May 26th. Roth Capital reiterated a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Finally, Weiss Ratings downgraded shares of Cingulate from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $24.67.

Cingulate Trading Up 1.3%

NASDAQ:CING opened at $5.27 on Thursday. The stock has a 50 day moving average of $4.96 and a two-hundred day moving average of $5.58. Cingulate has a 12 month low of $3.16 and a 12 month high of $11.89. The firm has a market cap of $76.63 million, a P/E ratio of -1.47 and a beta of -0.90.

Cingulate (NASDAQ:CING) last released its earnings results on Thursday, August 13th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.18. On average, research analysts forecast that Cingulate will post -2.4 earnings per share for the current year.

Hedge Funds Weigh In On Cingulate

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its stake in Cingulate by 283.1% during the second 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 last quarter. Soltis Investment Advisors LLC purchased a new stake in Cingulate in the 4th quarter valued at $43,000. XTX Topco Ltd acquired a new stake in shares of Cingulate in the 2nd quarter worth $45,000. Quadrature Capital Ltd acquired a new stake in shares of Cingulate in the 4th quarter worth $66,000. Finally, Kestra Advisory Services LLC raised its holdings in shares of Cingulate by 14.8% during the 1st quarter. Kestra Advisory Services LLC now owns 140,000 shares of the company’s stock worth $869,000 after acquiring an additional 18,000 shares during the period. Hedge funds and other institutional investors own 41.31% of the company’s stock.

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.