Ascendiant Capital Markets Cuts Cingulate (NASDAQ:CING) Price Target to $44.00

Key Points

• Ascendiant Capital Markets lowered Cingulate’s price target from $52 to $44 while maintaining a “buy” rating.
• Analyst sentiment remains mixed but leans positive: three firms rate the stock a Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $24.67.
• Cingulate reported a quarterly loss of $0.45 per share, beating the $0.63 consensus loss estimate; institutional investors own approximately 41.31% of the company.

Cingulate (NASDAQ:CING - Get Free Report) had its price target cut by equities researchers at Ascendiant Capital Markets from $52.00 to $44.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock.

Several other research firms have also weighed in on CING. Wall Street Zen raised shares of Cingulate from a "strong sell" rating to a "sell" rating in a report on Saturday, August 15th. Weiss Ratings downgraded shares of Cingulate from a "sell (d-)" rating to a "sell (e+)" rating in a report on Tuesday. HC Wainwright restated a "buy" rating and set a $20.00 price target on shares of Cingulate in a research report on Tuesday, May 26th. Finally, Roth Capital reaffirmed a "buy" rating and issued a $10.00 price objective on shares of Cingulate in a report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $24.67.

Cingulate Stock Up 1.3%

Cingulate stock opened at $5.27 on Thursday. The firm has a market cap of $76.63 million, a price-to-earnings ratio of -1.47 and a beta of -0.90. Cingulate has a 52 week low of $3.16 and a 52 week high of $11.89. The business's 50-day moving average price is $4.96 and its 200 day moving average price is $5.58.

Cingulate (NASDAQ:CING - Get Free Report) last announced its quarterly earnings results on Thursday, August 13th. The company reported ($0.45) earnings per share for the quarter, beating the consensus estimate of ($0.63) by $0.18. Equities analysts expect that Cingulate will post -2.4 EPS for the current year.

Institutional Trading of Cingulate

Institutional investors and hedge funds have recently made changes to their positions in the business. Kestra Advisory Services LLC lifted its position in shares of Cingulate by 29.8% during the 4th quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company's stock valued at $529,000 after buying an additional 27,979 shares in the last quarter. Geode Capital Management LLC increased its holdings in Cingulate by 43.9% in the 4th quarter. Geode Capital Management LLC now owns 61,035 shares of the company's stock worth $265,000 after acquiring an additional 18,629 shares in the last quarter. DRW Securities LLC purchased a new stake in Cingulate in the 4th quarter worth $255,000. XTX Topco Ltd acquired a new position in Cingulate during the fourth quarter worth $90,000. Finally, Quadrature Capital Ltd acquired a new position in Cingulate during the fourth quarter worth $66,000. 41.31% of the stock is currently 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source