Cingulate (NASDAQ:CING) Stock Price Down 5.2% – Here’s Why

Shares of Cingulate Inc. (NASDAQ:CING) were down 5.2% during mid-day trading on Thursday . The stock traded as low as $3.95 and last traded at $4.04. Approximately 101,756 shares traded hands during mid-day trading, a decline of 92% from the average daily volume of 1,206,483 shares. The stock had previously closed at $4.26.

Cingulate Price Performance

The company’s fifty day moving average is $5.40 and its 200-day moving average is $2.86.

Cingulate (NASDAQ:CING) last issued its earnings results on Tuesday, August 13th. The company reported ($5.47) earnings per share (EPS) for the quarter, topping the consensus estimate of ($5.64) by $0.17. As a group, analysts expect that Cingulate Inc. will post -12.51 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 Cingulate Inc. (NASDAQ:CING) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm 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. 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.