Maxim Group analyst Naz Rahman maintained a Buy rating on Cingulate Inc (CING – Research Report) yesterday and set a price target of $2.00.
Naz Rahman of Maxim Group has given a Buy rating to Cingulate Inc, based on several key factors. Firstly, Cingulate Inc’s financial position appears robust, with recent fundraising activities and resources available for future financial needs. The company successfully raised $4M through a public offering and converted $5.8M debt into equity. Additionally, it has a $5M At The Market (ATM) offering and an equity purchase agreement. Lastly, the company filed an S-1 for an indefinite amount, which if successful, could further support the company’s financial health.
In terms of product development, Cingulate has made notable advances with its lead asset, CTx-1301. This drug, which is currently undergoing Phase 3 studies, has shown positive data in treating attention-deficit hyperactivity disorder (ADHD) in adults. Not only does the data validate the efficacy of CTx-1301, but it also suggests potential positive outcomes for ongoing pediatric and adolescent studies. Moreover, CTx-1301 has demonstrated significant effect sizes, which are expected to be reflected in the larger pediatric and adolescent studies. The overall positive results, combined with the drug’s good tolerance level among patients, further contribute to Rahman’s Buy rating for Cingulate Inc.
CING’s price has also changed dramatically for the past six months – from $0.970 to $0.300, which is a -69.07% drop .
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Cingulate Inc (CING) Company Description:
Cingulate Inc is a clinical stage biopharmaceutical company utilizing its proprietary precision timed release drug delivery platform to build and advance a pipeline of next-generation pharmaceutical products designed to improve the lives of patients suffering from frequently diagnosed conditions characterized by burdensome daily dosing regimens and suboptimal treatment outcomes.
Read More on CING:
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- Cingulate Inc. Reports Third Quarter 2023 Financial Results and Provides Clinical and Business Update
- Cingulate to Host CNS Key Opinion Leader Panel in New York City
- Cingulate price target lowered to $3.50 from $5.50 at H.C. Wainwright
- Cingulate Inc. to Present at the LD Micro Main Event XVI
