Cognition Therapeutics (NASDAQ:CGTX) Releases Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Cognition Therapeutics reported a quarterly loss of $0.04 per share, beating analysts’ consensus estimate of a $0.06 loss by $0.02.
• CGTX shares fell $0.05 to $1.08 in Friday trading, giving the company a market capitalization of approximately $96.7 million. Institutional investors and hedge funds own 43.35% of the stock.
• Analyst sentiment remains mixed but leans positive: three analysts rate the stock Buy and one rates it Sell, producing a “Moderate Buy” consensus and an average price target of $3.33.

Cognition Therapeutics (NASDAQ:CGTX - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.02, FiscalAI reports.

Cognition Therapeutics Stock Performance

Shares of NASDAQ:CGTX traded down $0.05 during trading on Friday, reaching $1.08. 900,909 shares of the stock were exchanged, compared to its average volume of 733,238. Cognition Therapeutics has a 12-month low of $0.55 and a 12-month high of $3.83. The firm has a market cap of $96.66 million, a price-to-earnings ratio of -6.35 and a beta of 1.77. The firm's 50-day moving average price is $1.13 and its 200 day moving average price is $1.12.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CGTX. Gamco Investors INC. ET AL acquired a new stake in shares of Cognition Therapeutics in the third quarter worth $27,000. Private Management Group Inc. purchased a new stake in Cognition Therapeutics during the 3rd quarter worth $32,000. Marshall Wace LLP acquired a new stake in Cognition Therapeutics in the 4th quarter valued at $37,000. Raymond James Financial Inc. raised its position in Cognition Therapeutics by 34.7% in the third quarter. Raymond James Financial Inc. now owns 29,641 shares of the company's stock valued at $40,000 after purchasing an additional 7,641 shares during the period. Finally, XTX Topco Ltd acquired a new position in shares of Cognition Therapeutics during the fourth quarter worth about $50,000. 43.35% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CGTX. HC Wainwright reaffirmed a "buy" rating and set a $3.00 price target on shares of Cognition Therapeutics in a research report on Monday, June 22nd. Weiss Ratings reissued a "sell (d-)" rating on shares of Cognition Therapeutics in a research note on Wednesday, June 24th. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $3.33.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing disease-modifying therapies for neurodegenerative disorders, with an emphasis on Alzheimer's disease. The company's lead investigational candidate, CT1812, is an oral small molecule that antagonizes the sigma-2 receptor complex to protect synapses from amyloid-beta oligomer toxicity. By targeting a novel mechanism of action, Cognition Therapeutics aims to slow or reverse cognitive decline in patients living with Alzheimer's disease.

CT1812 has successfully completed Phase 1 safety studies and preliminary Phase 2a trials, and is currently being evaluated in multiple Phase 2 clinical studies across North America and Europe in patients with mild-to-moderate Alzheimer's disease.

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