Cingulate (NASDAQ:CING) Releases Quarterly Earnings Results, Misses Expectations By $0.28 EPS

Cingulate (NASDAQ:CING) released its quarterly earnings data on Wednesday. The company reported ($0.84) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.28), Zacks reports.

Cingulate Stock Down 3.2%

NASDAQ CING traded down $0.26 during trading on Thursday, hitting $7.78. The company’s stock had a trading volume of 166,025 shares, compared to its average volume of 444,015. Cingulate has a 52 week low of $3.20 and a 52 week high of $11.89. The firm has a market cap of $63.44 million, a P/E ratio of -2.14 and a beta of -0.77. The firm has a 50 day moving average price of $6.45 and a 200 day moving average price of $4.79.

Insider Buying and Selling at Cingulate

In related news, Director Peter J. Werth bought 19,455 shares of the business’s stock in a transaction that occurred on Friday, February 6th. The stock was purchased at an average cost of $5.04 per share, for a total transaction of $98,053.20. Following the purchase, the director directly owned 117,449 shares in the company, valued at $591,942.96. This trade represents a 19.85% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shane J. Schaffer purchased 6,809 shares of Cingulate stock in a transaction on Friday, February 6th. The stock was bought at an average cost of $5.04 per share, with a total value of $34,317.36. Following the completion of the acquisition, the chief executive officer owned 10,175 shares in the company, valued at approximately $51,282. This trade represents a 202.29% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders bought 33,074 shares of company stock worth $166,693. 4.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cingulate

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its stake in Cingulate by 283.1% during the second quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock worth $31,000 after purchasing an additional 5,543 shares during the period. XTX Topco Ltd bought a new stake in shares of Cingulate in the 2nd quarter valued at approximately $45,000. Quadrature Capital Ltd acquired a new position in shares of Cingulate in the 4th quarter worth approximately $66,000. DRW Securities LLC acquired a new position in shares of Cingulate in the 4th quarter worth approximately $255,000. Finally, Geode Capital Management LLC lifted its position in shares of Cingulate by 43.9% during the 4th quarter. Geode Capital Management LLC now owns 61,035 shares of the company’s stock worth $265,000 after buying an additional 18,629 shares during the period. 41.31% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on CING. Ascendiant Capital Markets cut their price target 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 research note on Wednesday, January 21st. Finally, Roth Mkm dropped their price objective on Cingulate from $17.00 to $16.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $37.00.

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.