Cingulate Stock Receives Price Target Boost of 128.6% by HC Wainwright Analyst

HC Wainwright & Co.'s Raghuram Selvaraju raised their price target on Cingulate (NASDAQ: CING) by 128.6% from $3.5 to $8 on 2024/01/05. The analyst maintained their Buy rating on the stock.

Selvaraju's optimistic outlook for Cingulate comes as the company's CTx-2103 clinical entry authorization application could potentially be filed in the first half of 2024. While the analyst sees potential for future growth, they also acknowledge that the next steps for the company remain unclear at this stage.

Cingulate Inc. is a clinical-stage biopharmaceutical company focused on developing treatments for attention deficit/hyperactivity disorder (ADHD). The company's lead candidates, CTx-1301 (dexmethylphenidate) and CTx-1302 (dextroamphetamine), have shown promise in addressing this prevalent neurological disorder. Additionally, Cingulate is developing CTx-2103 for the treatment of anxiety disorders.

It's worth noting that Cingulate's stock price has experienced a significant decline since its last quarterly report on September 30, 2023. The stock is down 55.4% since then and down 70.1% year-over-year. These figures indicate that Cingulate has been underperforming compared to the broader market, with the S&P 500 down 23.3% during the same period.

As for Selvaraju's track record, they are ranked in the bottom 5% out of 4,442 Wall Street analysts by WallStreetZen. Their average return stands at -1%, and they have a win rate of 40.3%. Selvaraju specializes in analyzing companies in the Basic Materials, Consumer Defensive, and Healthcare sectors.

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