Cingulate Inc. (NASDAQ:CING) Sees Significant Growth in Short Interest

Cingulate Inc. (NASDAQ:CING) was the recipient of a large increase in short interest in the month of October. As of October 31st, there was short interest totalling 89,200 shares, an increase of 132.9% from the October 15th total of 38,300 shares. Based on an average daily volume of 3,870,000 shares, the days-to-cover ratio is currently 0.0 days. Approximately 4.4% of the company’s shares are sold short.

Cingulate Price Performance

CING traded up $0.15 during midday trading on Wednesday, hitting $4.32. 206,499 shares of the company were exchanged, compared to its average volume of 1,171,267. Cingulate has a 1-year low of $1.80 and a 1-year high of $152.40. The company’s 50 day simple moving average is $4.78 and its 200 day simple moving average is $3.03.

Cingulate (NASDAQ:CING) last released its earnings results on Thursday, November 7th. The company reported ($1.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($2.22) by $0.39. Research analysts predict that Cingulate will post -12.51 earnings per share for the current year.

Institutional Trading of Cingulate

An institutional investor recently bought a new position in Cingulate stock. Armistice Capital LLC acquired a new stake in shares of Cingulate Inc. (NASDAQ:CING) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 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 reporting period. 41.31% of the stock is currently owned by institutional investors.

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.