Cingulate (NASDAQ:CING) Trading 3.1% Higher – Should You Buy?

Cingulate Inc. (NASDAQ:CING)’s share price rose 3.1% during mid-day trading on Friday . The company traded as high as $5.76 and last traded at $5.61. Approximately 205,740 shares changed hands during mid-day trading, an increase of 12% from the average daily volume of 183,466 shares. The stock had previously closed at $5.44.

Wall Street Analysts Forecast Growth

CING has been the subject of several analyst reports. Ascendiant Capital Markets dropped their price objective 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. Roth Capital lowered their target price on shares of Cingulate from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cingulate in a research report on Wednesday, October 8th. Three analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $31.33.

Cingulate Trading Up 3.1%

The firm’s 50-day moving average price is $4.09 and its 200 day moving average price is $4.16. The company has a market capitalization of $41.79 million, a price-to-earnings ratio of -1.55 and a beta of -0.76.

Cingulate (NASDAQ:CING) last announced its quarterly earnings data on Thursday, November 13th. The company reported ($1.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.80) by ($0.55). As a group, equities research analysts anticipate that Cingulate Inc. will post -11.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE raised its stake in Cingulate by 283.1% during 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. XTX Topco Ltd acquired a new position in Cingulate during the 2nd quarter worth approximately $45,000. Finally, Quantum Private Wealth LLC increased its position in 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 purchasing an additional 14,000 shares in the last quarter. Institutional investors own 41.31% of the company’s stock.

Cingulate Company Profile

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.