Roth Mkm Cuts Cingulate (NASDAQ:CING) Price Target to $14.00

Key Points

• Roth Mkm cut its price target to $14 (from $16) while keeping a "buy" rating; however, analyst consensus is a Hold with an average price target of $36.
• Shares traded down about 3.4% to $7.13 after the company reported quarterly EPS of ($0.84), missing estimates, and with analysts forecasting a FY EPS around -11.69.
• Insiders have been buying: a director and the CEO recently purchased shares (total 33,074 shares, ~$166,693), and insiders now own about 4.33% of the company.

Cingulate (NASDAQ:CING - Get Free Report) had its target price cut by equities research analysts at Roth Mkm from $16.00 to $14.00 in a note issued to investors on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Roth Mkm's price target indicates a potential upside of 96.33% from the stock's previous close.

Several other brokerages also recently weighed in on CING. Ascendiant Capital Markets lowered their target price on Cingulate from $62.00 to $58.00 and set a "buy" rating for the company in a research note on Monday, December 8th. Weiss Ratings reissued a "sell (e+)" rating on shares of Cingulate in a report on Wednesday, January 21st. Two analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $36.00.

Cingulate Stock Down 3.4%

Shares of NASDAQ:CING traded down $0.25 during mid-day trading on Monday, hitting $7.13. 397,673 shares of the company traded hands, compared to its average volume of 475,482. The firm's 50 day simple moving average is $6.56 and its 200 day simple moving average is $4.84. The firm has a market cap of $58.12 million, a P/E ratio of -1.65 and a beta of -0.77. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.16 and a current ratio of 1.16. Cingulate has a 52-week low of $3.20 and a 52-week high of $11.89.

Cingulate (NASDAQ:CING - Get Free Report) last issued its quarterly earnings data on Wednesday, March 18th. The company reported ($0.84) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.28). On average, equities analysts anticipate that Cingulate will post -11.69 EPS for the current year.

Insider Activity

In other news, Director Peter J. Werth bought 19,455 shares of Cingulate stock in a transaction on Friday, February 6th. The shares were bought at an average price of $5.04 per share, with a total value of $98,053.20. Following the acquisition, the director directly owned 117,449 shares in the company, valued at approximately $591,942.96. This represents a 19.85% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shane J. Schaffer bought 6,809 shares of the firm's stock in a transaction dated Friday, February 6th. The stock was purchased at an average price of $5.04 per share, with a total value of $34,317.36. Following the transaction, the chief executive officer owned 10,175 shares in the company, valued at approximately $51,282. This represents a 202.29% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders bought a total of 33,074 shares of company stock valued at $166,693 in the last three months. Insiders own 4.33% of the company's stock.

Hedge Funds Weigh In On Cingulate

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE increased its stake 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 valued at $31,000 after purchasing an additional 5,543 shares during the period. Soltis Investment Advisors LLC bought a new position in Cingulate in the 4th quarter worth approximately $43,000. XTX Topco Ltd acquired a new stake in Cingulate in the 2nd quarter valued at approximately $45,000. Quadrature Capital Ltd acquired a new stake in Cingulate in the 4th quarter valued at approximately $66,000. Finally, Quantum Private Wealth LLC raised its stake in Cingulate by 140.0% during the 3rd quarter. Quantum Private Wealth LLC now owns 24,000 shares of the company's stock valued at $94,000 after acquiring an additional 14,000 shares in the last quarter. Institutional investors and hedge funds own 41.31% of the company's stock.

Cingulate Company Profile

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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