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

Cingulate Inc. (NASDAQ:CING) was the recipient of some unusual options trading activity on Tuesday. Stock traders bought 4,616 put options on the company. This represents an increase of 486% compared to the average daily volume of 788 put options.

Institutional Trading of Cingulate

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its stake in Cingulate by 283.1% in the second quarter. Bank of America Corp DE now owns 7,501 shares of the company’s stock worth $31,000 after purchasing an additional 5,543 shares during the last quarter. Soltis Investment Advisors LLC bought a new stake in Cingulate in the fourth quarter worth $43,000. XTX Topco Ltd bought a new stake in Cingulate in the second quarter worth $45,000. Quadrature Capital Ltd bought a new stake in Cingulate in the fourth quarter worth $66,000. Finally, Chicago Partners Investment Group LLC bought a new stake in Cingulate in the first quarter worth $116,000. 41.31% of the stock is owned by institutional investors.

Cingulate Price Performance

Cingulate stock traded up $0.46 during mid-day trading on Tuesday, hitting $4.06. The company’s stock had a trading volume of 2,176,318 shares, compared to its average volume of 520,939. The stock has a market cap of $54.66 million, a price-to-earnings ratio of -0.89 and a beta of -0.85. The business has a 50 day moving average price of $5.35 and a 200-day moving average price of $5.35. Cingulate has a 12 month low of $3.16 and a 12 month high of $11.89.

Cingulate (NASDAQ:CING) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.95) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.42). On average, equities research analysts expect that Cingulate will post -2.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CING has been the subject of a number of recent analyst reports. HC Wainwright restated a “buy” rating and set a $20.00 price target on shares of Cingulate in a research report on Tuesday, May 26th. Weiss Ratings upgraded shares of Cingulate from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, May 22nd. Wall Street Zen lowered shares of 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 shares of Cingulate from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Wednesday, April 8th. Finally, Roth Mkm reiterated a “buy” rating and issued a $10.00 target price on shares of Cingulate in a research report on Tuesday, May 19th. Three research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus 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.