Alpha Cognition (NASDAQ:ACOG) Issues Quarterly Earnings Results, Misses Estimates By $0.19 EPS

Key Points

• Alpha Cognition (NASDAQ:ACOG) reported earnings of ($0.65) per share for the quarter, exceeding analyst estimates of ($0.84) by $0.19.
• The company's stock price decreased by $1.99 during trading on Thursday, reaching $8.00, with a notable trading volume significantly above its average.
• HC Wainwright has reiterated a "buy" rating on Alpha Cognition and set a target price of $20.00 for the shares.

Alpha Cognition (NASDAQ:ACOG - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.65) EPS for the quarter, missing the consensus estimate of ($0.46) by ($0.19), Zacks reports. The business had revenue of $1.66 million for the quarter, compared to analysts' expectations of $2.32 million.

Alpha Cognition Stock Performance

ACOG stock traded up $0.07 during midday trading on Tuesday, reaching $8.52. 12,357 shares of the company's stock traded hands, compared to its average volume of 89,896. The company has a 50-day moving average price of $9.63 and a two-hundred day moving average price of $7.44. Alpha Cognition has a 52 week low of $3.75 and a 52 week high of $11.54. The firm has a market capitalization of $136.49 million, a PE ratio of -5.33 and a beta of 2.72.

Institutional Investors Weigh In On Alpha Cognition

Hedge funds and other institutional investors have recently bought and sold shares of the business. Cable Car Capital LP raised its holdings in Alpha Cognition by 68.8% during the 2nd quarter. Cable Car Capital LP now owns 869,002 shares of the company's stock valued at $8,108,000 after acquiring an additional 354,278 shares during the period. Manatuck Hill Partners LLC grew its position in shares of Alpha Cognition by 74.6% during the 2nd quarter. Manatuck Hill Partners LLC now owns 117,000 shares of the company's stock valued at $1,092,000 after purchasing an additional 50,000 shares in the last quarter. Marshall Wace LLP purchased a new position in shares of Alpha Cognition during the 2nd quarter valued at $600,000. Massar Capital Management LP purchased a new position in shares of Alpha Cognition during the 2nd quarter valued at $116,000. Finally, Geode Capital Management LLC purchased a new position in shares of Alpha Cognition during the 2nd quarter valued at $112,000.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wall Street Zen lowered Alpha Cognition from a "hold" rating to a "sell" rating in a report on Saturday. HC Wainwright reissued a "buy" rating and set a $20.00 price objective on shares of Alpha Cognition in a report on Friday, May 16th.

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.