Cingulate (NASDAQ:CING) Releases Earnings Results, Beats Expectations By $0.18 EPS

Cingulate (NASDAQ:CING) announced its quarterly earnings results on Thursday. The company reported ($0.45) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.18, FiscalAI reports.

Cingulate Stock Down 4.2%

Shares of NASDAQ CING traded down $0.21 during midday trading on Friday, hitting $4.78. The stock had a trading volume of 71,956 shares, compared to its average volume of 454,292. The business’s 50 day moving average is $4.91 and its 200-day moving average is $5.59. Cingulate has a 52 week low of $3.16 and a 52 week high of $11.89. The company has a market cap of $64.39 million, a P/E ratio of -1.13 and a beta of -0.90.

Hedge Funds Weigh In On Cingulate

A number of hedge funds have recently bought and sold shares of CING. Kestra Advisory Services LLC lifted its holdings in shares of Cingulate by 29.8% during the 4th quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company’s stock valued at $529,000 after buying an additional 27,979 shares during the period. Geode Capital Management LLC grew its holdings in shares of Cingulate by 43.9% in the fourth 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 during the period. DRW Securities LLC bought a new stake in shares of Cingulate in the fourth quarter worth $255,000. XTX Topco Ltd purchased a new stake in Cingulate during the fourth quarter valued at $90,000. Finally, Quadrature Capital Ltd purchased a new stake in Cingulate during the fourth quarter valued at $66,000. Hedge funds and other institutional investors own 41.31% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Wall Street Zen cut Cingulate from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Roth Capital reissued a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Weiss Ratings upgraded Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 24th. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Cingulate in a research report on Tuesday, May 26th. Finally, Ascendiant Capital Markets reduced their price target on Cingulate from $55.00 to $52.00 and set a “buy” rating on the stock in a research note on Monday, June 8th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Cingulate presently 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.