Cingulate (NASDAQ:CING) Posts Quarterly Earnings Results

Key Points

• Cingulate reported quarterly EPS of $(0.45), beating analysts’ consensus estimate of $(0.63) by $0.18.
• The stock fell 4.4% to $4.98 during Thursday trading, with a market capitalization of approximately $67.1 million.
• Analyst sentiment remains mixed but leans positive: three analysts rate Cingulate a Buy and one rates it a Sell, producing a “Moderate Buy” consensus and an average target price of $27.33.

Cingulate (NASDAQ:CING - Get Free Report) issued its quarterly earnings data on Thursday. The company reported ($0.45) earnings per share for the quarter, beating analysts' consensus estimates of ($0.63) by $0.18, FiscalAI reports.

Cingulate Stock Down 4.4%

NASDAQ:CING traded down $0.23 during mid-day trading on Thursday, hitting $4.98. 211,721 shares of the stock traded hands, compared to its average volume of 456,655. Cingulate has a 52 week low of $3.16 and a 52 week high of $11.89. The stock has a market capitalization of $67.08 million, a price-to-earnings ratio of -1.18 and a beta of -0.90. The firm's 50 day moving average is $4.91 and its two-hundred day moving average is $5.59.

Analyst Ratings Changes

Several research firms have commented on CING. Weiss Ratings upgraded shares of Cingulate from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 24th. Roth Capital restated a "buy" rating and set a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Ascendiant Capital Markets lowered their price target on shares of Cingulate from $55.00 to $52.00 and set a "buy" rating for the company in a report on Monday, June 8th. Wall Street Zen cut Cingulate from a "sell" rating to a "strong sell" rating in a research note on Saturday, May 16th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $20.00 price objective on shares of Cingulate in a research note on Tuesday, May 26th. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $27.33.

Hedge Funds Weigh In On Cingulate

Hedge funds have recently bought and sold shares of the business. Bank of America Corp DE grew its holdings in shares of Cingulate by 283.1% in the second quarter. Bank of America Corp DE now owns 7,501 shares of the company's stock worth $31,000 after purchasing an additional 5,543 shares during the last quarter. XTX Topco Ltd purchased a new stake in Cingulate in the 2nd quarter valued at about $45,000. Quadrature Capital Ltd purchased a new stake in Cingulate in the 4th quarter valued at about $66,000. Geode Capital Management LLC grew its stake 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. Finally, Kestra Advisory Services LLC grew its stake in Cingulate by 29.8% in the 4th quarter. Kestra Advisory Services LLC now owns 122,000 shares of the company's stock worth $529,000 after acquiring an additional 27,979 shares in the last quarter. Institutional investors own 41.31% of the company's stock.

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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