Insider Buying: Cingulate (NASDAQ:CING) Director Acquires 97,276 Shares of Stock

Cingulate Inc. (NASDAQ:CING) Director Thomas Jeffrey Hargroves purchased 97,276 shares of the firm’s stock in a transaction dated Friday, February 13th. The stock was purchased at an average cost of $5.04 per share, with a total value of $490,271.04. Following the acquisition, the director directly owned 97,468 shares in the company, valued at $491,238.72. This trade represents a 50,664.58% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Cingulate Trading Up 0.9%

Shares of CING stock traded up $0.04 on Monday, hitting $4.53. The stock had a trading volume of 188,193 shares, compared to its average volume of 871,034. Cingulate Inc. has a twelve month low of $3.16 and a twelve month high of $11.89. The firm has a market cap of $61.02 million, a P/E ratio of -1.07 and a beta of -0.85. The company has a fifty day moving average price of $5.14 and a two-hundred day moving average price of $5.39.

Cingulate (NASDAQ:CING) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.95) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.42). On average, analysts expect that Cingulate Inc. will post -2.38 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on CING shares. Weiss Ratings raised shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Ascendiant Capital Markets reduced their target price on shares of Cingulate from $55.00 to $52.00 and set a “buy” rating for the company in a research note on Monday. Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research note on Tuesday, May 19th. Wall Street Zen lowered shares of Cingulate from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Cingulate in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $27.33.

Hedge Funds Weigh In On Cingulate

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its stake in Cingulate by 283.1% in the 2nd 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. Soltis Investment Advisors LLC acquired a new position in Cingulate in the 4th quarter worth $43,000. XTX Topco Ltd acquired a new position in Cingulate in the 2nd quarter worth $45,000. Quantum Private Wealth LLC boosted its stake in Cingulate by 140.0% in the 3rd quarter. Quantum Private Wealth LLC now owns 24,000 shares of the company’s stock worth $94,000 after purchasing an additional 14,000 shares during the period. Finally, Quadrature Capital Ltd acquired a new position in Cingulate in the 4th quarter worth $66,000. 41.31% of the stock is owned by institutional investors and hedge funds.

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.