Cingulate (NASDAQ:CING) Upgraded to Buy at Maxim Group

Maxim Group upgraded shares of Cingulate (NASDAQ:CING) from a hold rating to a buy rating in a report released on Wednesday, MarketBeat.com reports.

Cingulate Stock Up 1.5 %

Cingulate stock opened at $4.72 on Wednesday. Cingulate has a 1-year low of $1.80 and a 1-year high of $152.40. The company has a fifty day simple moving average of $4.53 and a 200 day simple moving average of $3.19.

Cingulate (NASDAQ:CING) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($1.83) earnings per share for the quarter, beating the consensus estimate of ($2.22) by $0.39. On average, equities analysts expect that Cingulate will post -9.26 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in Cingulate stock. Armistice Capital LLC bought a new position in shares of Cingulate Inc. (NASDAQ:CING) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 490,000 shares of the company’s stock, valued at approximately $157,000. Armistice Capital LLC owned about 6.67% of Cingulate at the end of the most recent quarter. Hedge funds and other institutional investors own 41.31% of the company’s 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.