Cingulate Inc. (NASDAQ:CING) Short Interest Up 31.7% in April

Key Points

• Short interest jumped 31.7% in April to 1,420,957 shares, equal to 12.1% of the float and a short-interest ratio of 3.7 days.
• Cingulate reported quarterly EPS of ($0.84), missing estimates, and analysts forecast about ‑$1.88 EPS for the fiscal year; the stock trades near $4.68 with a market cap of $57.33 million.
• Insiders have been buying recently (33,074 shares worth ~$166,693 in the last 90 days), while analyst coverage is mixed (two Buys, one Sell) with an average rating of Hold and an average target price of $34.50.

Cingulate Inc. (NASDAQ:CING - Get Free Report) was the target of a large increase in short interest in April. As of April 15th, there was short interest totaling 1,420,957 shares, an increase of 31.7% from the March 31st total of 1,078,595 shares. Based on an average daily volume of 385,913 shares, the short-interest ratio is presently 3.7 days. Currently, 12.1% of the shares of the company are sold short.

Cingulate Price Performance

Cingulate stock opened at $4.68 on Wednesday. The stock has a market capitalization of $57.33 million, a P/E ratio of -1.08 and a beta of -0.76. The company's fifty day moving average price is $6.54 and its 200 day moving average price is $5.21. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.16 and a current ratio of 1.16. Cingulate has a 1 year low of $3.20 and a 1 year high of $11.89.

Cingulate (NASDAQ:CING - Get Free Report) last posted its quarterly earnings data on Wednesday, March 18th. The company reported ($0.84) earnings per share for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.28). As a group, equities research analysts anticipate that Cingulate will post -1.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on CING shares. Weiss Ratings reiterated a "sell (e+)" rating on shares of Cingulate in a research report on Monday, April 20th. Roth Mkm dropped their target price on Cingulate from $16.00 to $14.00 and set a "buy" rating on the stock in a research report on Monday, March 23rd. Finally, Ascendiant Capital Markets cut their price target on Cingulate from $58.00 to $55.00 and set a "buy" rating for the company in a research note on Wednesday, April 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $34.50.

Insider Buying and Selling

In other news, CEO Shane J. Schaffer bought 6,809 shares of the business's stock in a transaction dated Friday, February 6th. The stock was purchased at an average cost of $5.04 per share, with a total value of $34,317.36. Following the acquisition, the chief executive officer directly owned 10,175 shares in the company, valued at $51,282. This trade represents a 202.29% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Peter J. Werth bought 19,455 shares of the firm's stock in a transaction that occurred on Friday, February 6th. The stock was purchased at an average price of $5.04 per share, with a total value of $98,053.20. Following the completion of the purchase, the director owned 117,449 shares in the company, valued at approximately $591,942.96. This trade represents a 19.85% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have bought a total of 33,074 shares of company stock worth $166,693 in the last ninety days. Corporate insiders own 4.33% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CING. Bank of America Corp DE boosted its holdings in Cingulate by 283.1% in the 2nd quarter. Bank of America Corp DE now owns 7,501 shares of the company's stock worth $31,000 after buying an additional 5,543 shares during the last quarter. Soltis Investment Advisors LLC acquired a new position in shares of Cingulate during the fourth quarter valued at approximately $43,000. XTX Topco Ltd purchased a new position in shares of Cingulate in the second quarter valued at approximately $45,000. Quantum Private Wealth LLC lifted its position in shares of 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 acquiring an additional 14,000 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new stake in shares of Cingulate in the fourth quarter worth approximately $66,000. 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.

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