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Short Interest in Cingulate Inc. (NASDAQ:CING) Decreases By 22.4%

Financial News Live · Jan 21, 2023 16:11

Cingulate Inc. (NASDAQ:CING – Get Rating) was the recipient of a large decline in short interest in the month of December. As of December 30th, there was short interest totalling 82,100 shares, a decline of 22.4% from the December 15th total of 105,800 shares. Currently, 1.1% of the shares of the company are sold short. Based on an average daily volume of 50,600 shares, the short-interest ratio is presently 1.6 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Ascendiant Capital Markets assumed coverage on shares of Cingulate in a research report on Monday, October 3rd. They set a "buy" rating for the company. HC Wainwright reiterated a "buy" rating on shares of Cingulate in a research report on Tuesday. Finally, Maxim Group assumed coverage on shares of Cingulate in a research report on Tuesday, November 22nd. They issued a "buy" rating for the company.

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Insider Activity at Cingulate

In other news, Director Peter J. Werth bought 28,934 shares of the firm's stock in a transaction that occurred on Tuesday, December 13th. The stock was purchased at an average cost of $0.98 per share, for a total transaction of $28,355.32. Following the purchase, the director now directly owns 975,165 shares in the company, valued at approximately $955,661.70. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Gregg Wm Givens acquired 85,000 shares of Cingulate stock in a transaction on Tuesday, November 22nd. The stock was bought at an average cost of $0.88 per share, for a total transaction of $74,800.00. Following the completion of the transaction, the director now owns 154,318 shares of the company's stock, valued at approximately $135,799.84. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Peter J. Werth acquired 28,934 shares of Cingulate stock in a transaction on Tuesday, December 13th. The shares were bought at an average price of $0.98 per share, with a total value of $28,355.32. Following the completion of the transaction, the director now directly owns 975,165 shares of the company's stock, valued at approximately $955,661.70. The disclosure for this purchase can be found here. Insiders bought a total of 141,388 shares of company stock worth $129,998 in the last three months. Company insiders own 31.28% of the company's stock.

Institutional Trading of Cingulate

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Eagle Asset Management Inc. grew its position in Cingulate by 124.5% in the 3rd quarter. Eagle Asset Management Inc. now owns 107,527 shares of the company's stock valued at $115,000 after buying an additional 59,632 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Cingulate in the 1st quarter valued at about $100,000. Finally, Creative Planning acquired a new position in Cingulate in the 2nd quarter valued at about $34,000. Institutional investors and hedge funds own 2.35% of the company's stock.

Cingulate Price Performance

Shares of CING traded up $0.03 during mid-day trading on Friday, reaching $0.98. The stock had a trading volume of 45,234 shares, compared to its average volume of 72,641. Cingulate has a 52-week low of $0.66 and a 52-week high of $2.48. The business's fifty day moving average is $0.96 and its 200 day moving average is $1.21. The firm has a market cap of $11.03 million and a price-to-earnings ratio of -0.66.

Cingulate (NASDAQ:CING – Get Rating) last issued its quarterly earnings results on Monday, November 14th. The company reported ($0.36) earnings per share (EPS) for the quarter.

About Cingulate

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Cingulate Inc, a clinical-stage biopharmaceutical company, focuses on the development of product candidates for the treatment of attention-deficit/hyperactivity disorder. The company's lead product candidates are CTx-1301 (dexmethylphenidate), which is in phase 3 clinical trial, and CTx-1302 (dextroamphetamine) for the treatment of attention-deficit/hyperactivity disorders.