Cognition Therapeutics (NASDAQ:CGTX) Releases Earnings Results, Beats Estimates By $0.02 EPS

Cognition Therapeutics (NASDAQ:CGTX) issued its quarterly earnings data on Thursday. The company reported ($0.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.02, FiscalAI reports.

Cognition Therapeutics Price Performance

NASDAQ:CGTX traded down $0.05 during trading hours on Friday, reaching $1.08. 900,909 shares of the company were exchanged, compared to its average volume of 733,238. The firm has a market cap of $96.66 million, a price-to-earnings ratio of -6.35 and a beta of 1.77. The stock has a 50 day simple moving average of $1.13 and a 200 day simple moving average of $1.12. Cognition Therapeutics has a 52-week low of $0.55 and a 52-week high of $3.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tocqueville Asset Management L.P. increased its stake in Cognition Therapeutics by 18.5% during the fourth quarter. Tocqueville Asset Management L.P. now owns 192,500 shares of the company’s stock worth $260,000 after acquiring an additional 30,000 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Cognition Therapeutics by 35.9% in the fourth quarter. Renaissance Technologies LLC now owns 969,513 shares of the company’s stock valued at $1,309,000 after buying an additional 256,013 shares during the period. Geode Capital Management LLC raised its holdings in Cognition Therapeutics by 22.6% in the fourth quarter. Geode Capital Management LLC now owns 873,954 shares of the company’s stock valued at $1,180,000 after buying an additional 161,227 shares during the period. Alyeska Investment Group L.P. purchased a new position in Cognition Therapeutics in the third quarter valued at approximately $138,000. Finally, Millennium Management LLC acquired a new position in Cognition Therapeutics during the third quarter valued at approximately $757,000. Institutional investors and hedge funds own 43.35% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Cognition Therapeutics in a research note on Monday, June 22nd. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cognition Therapeutics in a report on Wednesday, June 24th. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $3.33.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing disease-modifying therapies for neurodegenerative disorders, with an emphasis on Alzheimer’s disease. The company’s lead investigational candidate, CT1812, is an oral small molecule that antagonizes the sigma-2 receptor complex to protect synapses from amyloid-beta oligomer toxicity. By targeting a novel mechanism of action, Cognition Therapeutics aims to slow or reverse cognitive decline in patients living with Alzheimer’s disease.

CT1812 has successfully completed Phase 1 safety studies and preliminary Phase 2a trials, and is currently being evaluated in multiple Phase 2 clinical studies across North America and Europe in patients with mild-to-moderate Alzheimer’s disease.