Alpha Cognition Inc. (NASDAQ:ACOG) Sees Significant Increase in Short Interest

Key Points

• Alpha Cognition Inc. (NASDAQ:ACOG) experienced a 61.9% increase in short interest in September, with a total of 81,900 shares sold short.
• Wall Street analysts have recently downgraded their outlook on ACOG, with one firm changing its rating from "hold" to "sell", while another maintains a "buy" rating with a reduced price target of $18.00.
• The company's recent earnings report showed a loss of ($0.65) earnings per share, missing the consensus estimate by $0.19 and falling short of revenue expectations.

Alpha Cognition Inc. (NASDAQ:ACOG - Get Free Report) was the target of a large increase in short interest in September. As of September 30th, there was short interest totaling 81,900 shares, an increase of 61.9% from the September 15th total of 50,600 shares. Currently, 0.7% of the shares of the stock are sold short. Based on an average daily trading volume, of 73,600 shares, the days-to-cover ratio is currently 1.1 days. Based on an average daily trading volume, of 73,600 shares, the days-to-cover ratio is currently 1.1 days. Currently, 0.7% of the shares of the stock are sold short.

Wall Street Analyst Weigh In

ACOG has been the topic of several recent analyst reports. Wall Street Zen lowered Alpha Cognition from a "hold" rating to a "sell" rating in a research note on Saturday. HC Wainwright reduced their price objective on Alpha Cognition from $20.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a Buy rating, According to MarketBeat.com, Alpha Cognition presently has a consensus rating of "Buy" and a consensus price target of $18.00.

Alpha Cognition Stock Performance

Alpha Cognition stock opened at $6.85 on Wednesday. The firm has a market cap of $143.17 million, a P/E ratio of -4.28 and a beta of 2.63. The business's fifty day moving average is $8.03 and its two-hundred day moving average is $8.16. Alpha Cognition has a 52 week low of $3.75 and a 52 week high of $11.54.

Alpha Cognition (NASDAQ:ACOG - Get Free Report) last released its earnings results on Thursday, August 14th. The company reported ($0.65) earnings per share for the quarter, missing analysts' consensus estimates of ($0.46) by ($0.19). The firm had revenue of $1.66 million during the quarter, compared to the consensus estimate of $2.32 million.

Insider Buying and Selling at Alpha Cognition

In related news, Director Phillip Joseph Mertz sold 27,778 shares of the business's stock in a transaction on Monday, August 18th. The stock was sold at an average price of $9.00, for a total value of $250,002.00. Following the sale, the director owned 22,462 shares of the company's stock, valued at $202,158. The trade was a 55.29% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert James Wills purchased 15,000 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The stock was bought at an average cost of $8.49 per share, for a total transaction of $127,350.00. Following the purchase, the director owned 15,000 shares in the company, valued at $127,350. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 14.00% of the stock is owned by insiders.

Institutional Investors Weigh In On Alpha Cognition

A number of institutional investors and hedge funds have recently made changes to their positions in ACOG. AWM Investment Company Inc. bought a new stake in shares of Alpha Cognition during the first quarter worth $5,785,000. Cable Car Capital LP raised its position in shares of Alpha Cognition by 68.8% during the second quarter. Cable Car Capital LP now owns 869,002 shares of the company's stock worth $8,108,000 after acquiring an additional 354,278 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Alpha Cognition during the second quarter worth $600,000. Manatuck Hill Partners LLC raised its position in shares of Alpha Cognition by 74.6% during the second quarter. Manatuck Hill Partners LLC now owns 117,000 shares of the company's stock worth $1,092,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Villere ST Denis J & Co. LLC increased its holdings in Alpha Cognition by 201.0% in the first quarter. Villere ST Denis J & Co. LLC now owns 71,778 shares of the company's stock valued at $363,000 after purchasing an additional 47,928 shares during the last quarter.

Alpha Cognition Company Profile

Alpha Cognition, Inc is a clinical stage biopharmaceutical company that develops treatments for underserved neurodegenerative diseases such as Alzheimer's Dementia and Amyotrophic Lateral Sclerosis. The company was founded in 2000 and is headquartered in Vancouver, Canada.

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