Short Interest in Cognition Therapeutics, Inc. (NASDAQ:CGTX) Decreases By 7.7%

by · The Cerbat Gem

Cognition Therapeutics, Inc. (NASDAQ:CGTX – Get Free Report) was the target of a large decrease in short interest in the month of October. As of October 15th, there was short interest totalling 490,700 shares, a decrease of 7.7% from the September 30th total of 531,400 shares. Currently, 1.5% of the company’s shares are sold short. Based on an average daily volume of 1,200,000 shares, the days-to-cover ratio is presently 0.4 days.

Hedge Funds Weigh In On Cognition Therapeutics

Several hedge funds have recently added to or reduced their stakes in the business. Bangor Savings Bank lifted its position in shares of Cognition Therapeutics by 41.6% in the second quarter. Bangor Savings Bank now owns 34,019 shares of the company’s stock valued at $56,000 after acquiring an additional 10,000 shares in the last quarter. Mercer Global Advisors Inc. ADV grew its holdings in shares of Cognition Therapeutics by 33.4% during the second quarter. Mercer Global Advisors Inc. ADV now owns 95,951 shares of the company’s stock worth $159,000 after buying an additional 24,050 shares in the last quarter. CM Management LLC raised its position in shares of Cognition Therapeutics by 14.3% in the second quarter. CM Management LLC now owns 200,000 shares of the company’s stock valued at $332,000 after buying an additional 25,000 shares during the last quarter. Tocqueville Asset Management L.P. purchased a new position in shares of Cognition Therapeutics during the first quarter valued at approximately $47,000. Finally, Levin Capital Strategies L.P. acquired a new stake in Cognition Therapeutics during the first quarter worth approximately $55,000. 43.35% of the stock is currently owned by hedge funds and other institutional investors.

Cognition Therapeutics Stock Performance

NASDAQ:CGTX traded down $0.06 during mid-day trading on Thursday, reaching $0.47. The stock had a trading volume of 491,313 shares, compared to its average volume of 500,467. Cognition Therapeutics has a twelve month low of $0.34 and a twelve month high of $2.95. The business has a 50 day simple moving average of $0.54 and a 200 day simple moving average of $1.32. The firm has a market capitalization of $18.95 million, a price-to-earnings ratio of -0.50 and a beta of 1.36.

Cognition Therapeutics (NASDAQ:CGTX – Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.18) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.04. During the same period in the previous year, the business posted ($0.16) EPS. As a group, sell-side analysts expect that Cognition Therapeutics will post -0.96 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on CGTX shares. Chardan Capital reiterated a “buy” rating and set a $11.00 price target on shares of Cognition Therapeutics in a research report on Thursday. B. Riley restated a “neutral” rating and issued a $1.00 price objective (down from $5.00) on shares of Cognition Therapeutics in a report on Tuesday, August 6th. Cantor Fitzgerald downgraded shares of Cognition Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Tuesday, July 30th. Finally, HC Wainwright reduced their price objective on shares of Cognition Therapeutics from $7.00 to $5.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $8.00.

View Our Latest Stock Analysis on Cognition Therapeutics

Cognition Therapeutics Company Profile

(Get Free Report)

Cognition Therapeutics, Inc, a clinical-stage biopharmaceutical company, engages in the discovery and development of small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous system and retina. Its lead product candidate is CT1812, an orally delivered molecule modulator designed to penetrate the blood-brain barrier and bind selectively to the S2R complex, which is in Phase 2 clinical trial for the treatment of Alzheimer's disease, as well as geographic atrophy secondary to dry age-related macular degeneration and synucleinopathies, such as dementia with Lewy bodies.

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