Short Interest in Cingulate Inc. (NASDAQ:CING) Drops By 16.5%

Cingulate Inc. (NASDAQ:CING) was the target of a large decrease in short interest in the month of January. As of January 15th, there was short interest totaling 270,806 shares, a decrease of 16.5% from the December 31st total of 324,295 shares. Approximately 3.8% of the shares of the stock are short sold. Based on an average daily trading volume, of 265,616 shares, the days-to-cover ratio is currently 1.0 days. Based on an average daily trading volume, of 265,616 shares, the days-to-cover ratio is currently 1.0 days. Approximately 3.8% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on CING shares. Weiss Ratings reissued a “sell (e+)” rating on shares of Cingulate in a report on Wednesday, January 21st. Ascendiant Capital Markets cut their target price on shares of Cingulate from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, December 8th. Finally, Roth Mkm decreased their price target on shares of Cingulate from $17.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.33.

Cingulate Stock Performance

Shares of CING stock traded up $0.35 during trading hours on Monday, reaching $6.09. The company had a trading volume of 45,284 shares, compared to its average volume of 318,898. Cingulate has a 12-month low of $3.20 and a 12-month high of $6.74. The company has a market capitalization of $45.40 million, a price-to-earnings ratio of -1.69 and a beta of -0.75. The stock has a fifty day moving average of $4.50 and a 200-day moving average of $4.23.

Cingulate (NASDAQ:CING) last released its quarterly earnings data on Thursday, November 13th. The company reported ($1.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.55). On average, analysts forecast that Cingulate will post -11.69 EPS for the current year.

Hedge Funds Weigh In On Cingulate

A number of institutional investors have recently bought and sold shares of CING. Quantum Private Wealth LLC increased its holdings 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 worth $94,000 after buying an additional 14,000 shares during the last quarter. Bank of America Corp DE grew its position in Cingulate by 283.1% in the second 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 during the period. Finally, XTX Topco Ltd acquired a new stake in Cingulate during the second quarter worth $45,000. 41.31% of the stock is owned by hedge funds and other institutional investors.

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.