Cognition Therapeutics, Inc. (NASDAQ:CGTX) Short Interest Up 47.8% in August

Key Points

• Cognition Therapeutics experienced a significant increase in short interest, rising by 47.8% to a total of 9,210,000 shares by August 31st, representing 15.6% of the company's stock sold short.
• Analysts maintain a generally positive outlook with an average rating of "Buy" and a price target of $2.83, with Chardan Capital setting a price target of $4.00.
• The company's stock has decreased by 29.0%, trading at $1.54, while experiencing a 12-month range between $0.22 and $3.83.

Cognition Therapeutics, Inc. (NASDAQ:CGTX - Get Free Report) was the target of a large increase in short interest in August. As of August 31st, there was short interest totaling 9,210,000 shares, an increase of 47.8% from the August 15th total of 6,230,000 shares. Based on an average daily volume of 10,600,000 shares, the days-to-cover ratio is presently 0.9 days. Currently, 15.6% of the company's stock are short sold. Currently, 15.6% of the company's stock are short sold. Based on an average daily volume of 10,600,000 shares, the days-to-cover ratio is presently 0.9 days.

Cognition Therapeutics Stock Performance

CGTX traded down $0.07 during trading hours on Friday, reaching $1.40. The company's stock had a trading volume of 4,289,593 shares, compared to its average volume of 7,052,814. Cognition Therapeutics has a 52 week low of $0.22 and a 52 week high of $3.83. The company's 50-day moving average is $1.52 and its 200-day moving average is $0.77. The firm has a market cap of $102.93 million, a PE ratio of -2.09 and a beta of 1.33.

Cognition Therapeutics (NASDAQ:CGTX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The company reported ($0.11) earnings per share for the quarter, beating analysts' consensus estimates of ($0.12) by $0.01. Equities analysts anticipate that Cognition Therapeutics will post -0.8 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in CGTX. Acadian Asset Management LLC increased its position in Cognition Therapeutics by 814.1% during the 1st quarter. Acadian Asset Management LLC now owns 1,007,586 shares of the company's stock worth $422,000 after buying an additional 897,353 shares during the period. CM Management LLC increased its position in Cognition Therapeutics by 100.0% during the 1st quarter. CM Management LLC now owns 400,000 shares of the company's stock worth $168,000 after buying an additional 200,000 shares during the period. Two Sigma Investments LP increased its position in Cognition Therapeutics by 372.2% during the 4th quarter. Two Sigma Investments LP now owns 53,691 shares of the company's stock worth $38,000 after buying an additional 42,321 shares during the period. Finally, Northeast Financial Consultants Inc increased its position in Cognition Therapeutics by 158.6% during the 1st quarter. Northeast Financial Consultants Inc now owns 63,351 shares of the company's stock worth $27,000 after buying an additional 38,851 shares during the period. Institutional investors own 43.35% of the company's stock.

Analyst Ratings Changes

A number of analysts recently issued reports on CGTX shares. Wall Street Zen raised Cognition Therapeutics from a "sell" rating to a "hold" rating in a research note on Friday, September 5th. HC Wainwright reaffirmed a "buy" rating and set a $3.00 price target on shares of Cognition Therapeutics in a research report on Thursday, June 26th. Finally, Chardan Capital reaffirmed a "buy" rating and set a $4.00 price target on shares of Cognition Therapeutics in a research report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating and three have given a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and an average price target of $2.83.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina. Its lead product candidate is CT1812, an orally delivered molecule modulator designed to penetrate the blood-brain barrier and bind selectively to the S2R complex, which is in Phase 2 clinical trial for the treatment of Alzheimer's disease, as well as geographic atrophy secondary to dry age-related macular degeneration and synucleinopathies, such as dementia with Lewy bodies.