Cognition Therapeutics (NASDAQ:CGTX) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Key Points

• Cognition Therapeutics reported quarterly EPS of -$0.05, narrowly beating Wall Street’s estimate of -$0.06 by $0.01.
• Shares of CGTX rose to $1.21 in Friday trading, though volume was below average and the stock remains well below its 52-week high of $3.83.
• Analysts remain mixed but generally positive, with a Moderate Buy consensus and an average target price of $3.33; Cognition is also advancing its lead Alzheimer’s candidate CT1812 through Phase 2 studies.

Cognition Therapeutics (NASDAQ:CGTX - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01, FiscalAI reports.

Cognition Therapeutics Stock Performance

Shares of NASDAQ:CGTX traded up $0.05 during mid-day trading on Friday, hitting $1.21. 693,484 shares of the company traded hands, compared to its average volume of 1,087,619. Cognition Therapeutics has a 52-week low of $0.22 and a 52-week high of $3.83. The firm's 50 day simple moving average is $1.06 and its 200 day simple moving average is $1.32. The firm has a market cap of $108.11 million, a P/E ratio of -5.04 and a beta of 1.81.

Institutional Investors Weigh In On Cognition Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of CGTX. Acadian Asset Management LLC increased its holdings 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 purchasing an additional 897,353 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cognition Therapeutics by 105.6% during the 3rd quarter. Vanguard Group Inc. now owns 2,681,613 shares of the company's stock worth $3,620,000 after purchasing an additional 1,377,263 shares during the last quarter. Gamco Investors INC. ET AL purchased a new stake in Cognition Therapeutics during the 3rd quarter worth approximately $27,000. Tocqueville Asset Management L.P. increased its holdings in Cognition Therapeutics by 470.2% during the 3rd quarter. Tocqueville Asset Management L.P. now owns 162,500 shares of the company's stock worth $219,000 after purchasing an additional 134,000 shares during the last quarter. Finally, Private Management Group Inc. purchased a new stake in Cognition Therapeutics during the 3rd quarter worth approximately $32,000. 43.35% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently commented on CGTX. Chardan Capital reiterated a "buy" rating and set a $4.00 target price on shares of Cognition Therapeutics in a report on Friday, March 27th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cognition Therapeutics in a report on Friday, March 27th. Finally, upgraded Cognition Therapeutics to a "strong-buy" rating in a report on Tuesday, February 3rd. Three investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Cognition Therapeutics has a consensus rating of "Moderate Buy" and an average 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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