Cingulate (NASDAQ:CING) Trading Up 6.5% – Here’s What Happened

Shares of Cingulate Inc. (NASDAQ:CING) traded up 6.5% during mid-day trading on Monday . The company traded as high as $7.00 and last traded at $6.85. 413,560 shares changed hands during mid-day trading, an increase of 31% from the average session volume of 316,347 shares. The stock had previously closed at $6.43.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on CING. Ascendiant Capital Markets cut their price objective on Cingulate from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, December 8th. Roth Mkm decreased their target price on Cingulate from $17.00 to $16.00 and set a “buy” rating for the company 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, January 21st. Two research 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 stock presently has an average rating of “Hold” and an average price target of $37.00.

Cingulate Trading Up 6.5%

The firm has a market cap of $55.83 million, a PE ratio of -1.89 and a beta of -0.77. The company has a 50-day simple moving average of $5.80 and a 200 day simple moving average of $4.54.

Insider Buying and Selling at Cingulate

In other news, CEO Shane J. Schaffer purchased 6,809 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average cost of $5.04 per share, with a total value of $34,317.36. Following the completion of the acquisition, the chief executive officer owned 10,175 shares of the company’s stock, valued at approximately $51,282. This represents a 202.29% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Peter J. Werth purchased 19,455 shares of the company’s stock in a transaction that occurred on Friday, February 6th. The shares were purchased at an average price of $5.04 per share, for a total transaction of $98,053.20. Following the transaction, the director owned 117,449 shares of the company’s stock, valued at $591,942.96. This trade represents a 19.85% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last quarter, insiders purchased 33,074 shares of company stock valued at $166,693. Company insiders own 4.33% of the company’s stock.

Institutional Investors Weigh In On Cingulate

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE grew its position in shares of Cingulate by 283.1% during the 2nd quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock valued at $31,000 after acquiring an additional 5,543 shares during the period. Soltis Investment Advisors LLC acquired a new position in Cingulate in the 4th quarter worth about $43,000. XTX Topco Ltd purchased a new position in Cingulate during the second quarter worth approximately $45,000. Quadrature Capital Ltd purchased a new position in Cingulate during the fourth quarter worth approximately $66,000. Finally, Quantum Private Wealth LLC grew its holdings in Cingulate by 140.0% in the third quarter. Quantum Private Wealth LLC now owns 24,000 shares of the company’s stock valued at $94,000 after purchasing an additional 14,000 shares during the period. 41.31% of the stock is owned by hedge funds and other 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.