Traders Buy High Volume of Put Options on Cingulate (NASDAQ:CING)

Cingulate Inc. (NASDAQ:CING) was the target of unusually large options trading on Tuesday. Stock investors acquired 4,616 put options on the stock. This is an increase of 486% compared to the typical daily volume of 788 put options.

Cingulate Price Performance

NASDAQ:CING opened at $4.88 on Thursday. The business’s 50-day moving average is $5.25 and its two-hundred day moving average is $5.36. Cingulate has a 12 month low of $3.16 and a 12 month high of $11.89. The firm has a market capitalization of $65.73 million, a PE ratio of -1.15 and a beta of -0.85.

Cingulate (NASDAQ:CING) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.95) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.42). Equities analysts anticipate that Cingulate will post -2.38 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE raised its position in Cingulate by 283.1% in the second quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock valued at $31,000 after purchasing an additional 5,543 shares during the period. Soltis Investment Advisors LLC acquired a new stake in shares of Cingulate during the fourth quarter valued at about $43,000. XTX Topco Ltd acquired a new stake in shares of Cingulate during the second quarter valued at about $45,000. Quadrature Capital Ltd acquired a new stake in shares of Cingulate during the fourth quarter valued at about $66,000. Finally, Quantum Private Wealth LLC grew its stake in shares of Cingulate by 140.0% during the third quarter. Quantum Private Wealth LLC now owns 24,000 shares of the company’s stock valued at $94,000 after acquiring an additional 14,000 shares in the last quarter. 41.31% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CING. Weiss Ratings raised Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Wall Street Zen lowered Cingulate from a “sell” rating to a “strong sell” rating in a research report on Saturday, May 16th. Ascendiant Capital Markets cut their target price on Cingulate from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Wednesday, April 8th. HC Wainwright reaffirmed a “buy” rating and issued a $20.00 target price on shares of Cingulate in a research report on Tuesday, May 26th. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $28.33.

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.