Cingulate (NASDAQ:CING) Upgraded by Maxim Group to Buy Rating

Cingulate (NASDAQ:CING) was upgraded by stock analysts at Maxim Group from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday,Benzinga reports.

Cingulate Trading Up 16.8 %

CING traded up $0.69 on Wednesday, reaching $4.79. The company’s stock had a trading volume of 210,313 shares, compared to its average volume of 1,147,317. Cingulate has a 1 year low of $1.80 and a 1 year high of $152.40. The business’s 50 day moving average is $4.61 and its 200 day moving average is $3.14.

Cingulate (NASDAQ:CING) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($1.83) EPS for the quarter, beating analysts’ consensus estimates of ($2.22) by $0.39. Sell-side analysts forecast that Cingulate will post -9.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cingulate stock. Armistice Capital LLC purchased a new position in shares of Cingulate Inc. (NASDAQ:CING) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 490,000 shares of the company’s stock, valued at approximately $157,000. Armistice Capital LLC owned 6.67% of Cingulate at the end of the most recent quarter. 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.