Cingulate (NASDAQ:CING) Shares Up 3.7% – Here’s What Happened

Cingulate Inc. (NASDAQ:CING) shares were up 3.7% during trading on Wednesday . The stock traded as high as $3.92 and last traded at $3.90. Approximately 77,046 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 159,895 shares. The stock had previously closed at $3.76.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CING. Roth Capital reaffirmed a “buy” rating on shares of Cingulate in a research report on Friday, August 8th. Ascendiant Capital Markets raised their price objective on Cingulate from $60.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, May 27th. Five investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $26.00.

Cingulate Stock Up 3.7%

The company has a market cap of $20.51 million, a price-to-earnings ratio of -0.95 and a beta of -0.74. The company has a debt-to-equity ratio of 0.16, a quick ratio of 1.87 and a current ratio of 1.87. The stock’s fifty day moving average is $4.55 and its two-hundred day moving average is $4.24.

Cingulate (NASDAQ:CING) last issued its quarterly earnings data on Tuesday, August 19th. The company reported ($1.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.82) by ($0.27). Sell-side analysts predict that Cingulate Inc. will post -11.69 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cingulate

Large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in shares of Cingulate by 283.1% in the 2nd 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. XTX Topco Ltd purchased a new position in Cingulate during the second quarter worth about $45,000. Finally, Geode Capital Management LLC bought a new stake in Cingulate in the 4th quarter worth about $135,000. 41.31% of the stock is currently owned by 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.