Cingulate Inc. (NASDAQ:CING) Sees Significant Decline in Short Interest

Cingulate Inc. (NASDAQ:CING) was the recipient of a large drop in short interest in March. As of March 15th, there was short interest totalling 92,900 shares, a drop of 22.1% from the February 28th total of 119,200 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily trading volume, of 137,700 shares, the short-interest ratio is currently 0.7 days.

Hedge Funds Weigh In On Cingulate

Several hedge funds and other institutional investors have recently modified their holdings of CING. AlphaMark Advisors LLC grew its stake in Cingulate by 50,000.0% during the 4th quarter. AlphaMark Advisors LLC now owns 5,010 shares of the company’s stock valued at $25,000 after acquiring an additional 5,000 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Cingulate in the third quarter valued at approximately $106,000. Geode Capital Management LLC acquired a new stake in shares of Cingulate in the fourth quarter valued at approximately $135,000. Finally, Commonwealth Equity Services LLC lifted its position in Cingulate by 281.5% during the fourth quarter. Commonwealth Equity Services LLC now owns 43,022 shares of the company’s stock worth $212,000 after buying an additional 31,746 shares in the last quarter. 41.31% of the stock is owned by hedge funds and other institutional investors.

Cingulate Stock Performance

Shares of CING stock opened at $4.30 on Tuesday. Cingulate has a fifty-two week low of $1.80 and a fifty-two week high of $20.83. The stock’s fifty day moving average is $4.27 and its two-hundred day moving average is $4.44. The firm has a market capitalization of $13.81 million, a P/E ratio of -0.29 and a beta of -0.83.

Analysts Set New Price Targets

CING has been the subject of a number of research analyst reports. Roth Capital upgraded shares of Cingulate to a “strong-buy” rating in a research report on Friday, January 10th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 price target on shares of Cingulate in a research note on Thursday, March 6th. Finally, Roth Mkm began coverage on Cingulate in a report on Friday, January 10th. They issued a “buy” rating and a $12.00 price objective on the stock.

About Cingulate

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.