Alpha Cognition Inc. (NASDAQ:ACOG) Sees Large Growth in Short Interest

Key Points

• Short interest surged 54.6% to 323,405 shares as of September 30, representing 1.6% of Alpha Cognition’s outstanding shares and 2.8 days of average trading volume.
• Director Robert Wills purchased 10,000 shares for approximately $96,200, increasing his position by nearly 45%; insiders collectively own 8.6% of the company.
• Analysts remain bullish, with all five covering analysts assigning Buy ratings and a consensus price target of $18, despite the company missing its latest EPS estimate and continuing to report significant losses.

Alpha Cognition Inc. (NASDAQ:ACOG - Get Free Report) was the recipient of a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 323,405 shares, an increase of 54.6% from the September 15th total of 209,226 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily trading volume, of 115,854 shares, the short-interest ratio is currently 2.8 days.

Insider Activity

In other news, Director Robert Wills acquired 10,000 shares of the business's stock in a transaction that occurred on Friday, August 21st. The stock was bought at an average price of $9.62 per share, with a total value of $96,200.00. Following the completion of the acquisition, the director directly owned 32,241 shares of the company's stock, valued at approximately $310,158.42. The trade was a 44.96% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Alpha Cognition

Large investors have recently bought and sold shares of the business. Opaleye Management Inc. lifted its stake in shares of Alpha Cognition by 13.0% in the 2nd quarter. Opaleye Management Inc. now owns 2,895,467 shares of the company's stock valued at $20,905,000 after purchasing an additional 333,517 shares during the last quarter. AWM Investment Company Inc. bought a new position in shares of Alpha Cognition during the second quarter valued at approximately $12,073,000. Aristides Capital LLC boosted its holdings in Alpha Cognition by 1.4% during the 1st quarter. Aristides Capital LLC now owns 218,510 shares of the company's stock valued at $1,200,000 after acquiring an additional 3,052 shares during the period. Finally, ACT Capital Management LLC bought a new position in Alpha Cognition in the 4th quarter valued at $335,000.

Alpha Cognition Price Performance

ACOG opened at $8.45 on Friday. The firm has a market cap of $184.02 million, a P/E ratio of -7.68 and a beta of 2.32. The company has a 50 day simple moving average of $9.01 and a two-hundred day simple moving average of $7.61. Alpha Cognition has a 1-year low of $4.50 and a 1-year high of $10.14.

Alpha Cognition (NASDAQ:ACOG - Get Free Report) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($0.40) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.39) by ($0.01). The company had revenue of $6.00 million for the quarter, compared to analysts' expectations of $4.38 million. Alpha Cognition had a negative net margin of 153.61% and a negative return on equity of 54.60%. Equities analysts anticipate that Alpha Cognition will post -1.38 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. HC Wainwright upped their price target on shares of Alpha Cognition from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Monday, August 17th. Raymond James Financial assumed coverage on shares of Alpha Cognition in a report on Friday, July 10th. They issued an "outperform" rating and a $20.00 price objective on the stock. Wall Street Zen raised shares of Alpha Cognition from a "sell" rating to a "hold" rating in a report on Saturday, August 15th. B. Riley Financial assumed coverage on shares of Alpha Cognition in a research report on Thursday, August 20th. They set a "buy" rating and a $21.00 target price for the company. Finally, Craig Hallum reaffirmed a "buy" rating and set a $17.00 target price on shares of Alpha Cognition in a report on Friday, August 14th. Five investment analysts have rated the stock with a Buy rating. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus target price of $18.00.

About Alpha Cognition

Alpha Cognition Inc NASDAQ: ACOG is a biopharmaceutical company focused on developing and commercializing treatments for neurodegenerative disorders, including Alzheimer's disease and related cognitive conditions. The company's work is centered on addressing unmet needs in the diagnosis, management and treatment of diseases that affect memory and cognitive function.

Its lead commercial product is ZUNOVO (memantine hydrochloride extended-release capsules), a prescription therapy approved by the U.S.

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