Cingulate (NASDAQ:CING) Trading Down 8.7% – Here’s What Happened

Cingulate Inc. (NASDAQ:CING) shares traded down 8.7% during trading on Thursday . The stock traded as low as $5.35 and last traded at $5.38. 375,411 shares traded hands during mid-day trading, an increase of 9% from the average session volume of 344,237 shares. The stock had previously closed at $5.89.

Wall Street Analysts Forecast Growth

CING has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $20.00 target price on shares of Cingulate in a research note on Tuesday, May 26th. Ascendiant Capital Markets decreased their price target on Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research note on Monday, June 8th. Weiss Ratings raised Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Roth Mkm restated a “buy” rating and set a $10.00 price objective on shares of Cingulate in a research note on Tuesday, May 19th. Finally, Wall Street Zen downgraded shares of Cingulate from a “sell” rating to a “strong sell” rating in a report on Saturday, May 16th. Three investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Cingulate presently has an average rating of “Moderate Buy” and an average price target of $27.33.

Cingulate Stock Performance

The business has a 50 day simple moving average of $4.85 and a 200-day simple moving average of $5.54. The stock has a market capitalization of $72.47 million, a P/E ratio of -1.27 and a beta of -0.91.

Cingulate (NASDAQ:CING) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.42). Equities research analysts forecast that Cingulate Inc. will post -2.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE raised 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 in the last quarter. Soltis Investment Advisors LLC acquired a new stake in Cingulate in the 4th quarter valued at about $43,000. XTX Topco Ltd bought a new position in shares of Cingulate during the 2nd quarter valued at about $45,000. Quadrature Capital Ltd bought a new position in shares of Cingulate during the 4th quarter valued at about $66,000. Finally, Chicago Partners Investment Group LLC acquired a new position in shares of Cingulate in the 1st quarter worth approximately $116,000. 41.31% of the stock is owned by institutional investors and hedge funds.

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.