Cognition Therapeutics (NASDAQ:CGTX) Posts Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Cognition Therapeutics (NASDAQ:CGTX) announced its quarterly earnings data on Thursday. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.02, FiscalAI reports.

Cognition Therapeutics Stock Performance

Shares of Cognition Therapeutics stock traded down $0.05 during midday trading on Friday, hitting $1.08. 900,909 shares of the company traded hands, compared to its average volume of 733,238. The stock has a market cap of $96.66 million, a price-to-earnings ratio of -6.35 and a beta of 1.77. The firm’s fifty day moving average price is $1.13 and its 200-day moving average price is $1.12. Cognition Therapeutics has a 12 month low of $0.55 and a 12 month high of $3.83.

Analyst Ratings Changes

Several research firms have weighed in on CGTX. Weiss Ratings restated a “sell (d-)” rating on shares of Cognition Therapeutics in a research note on Wednesday, June 24th. HC Wainwright reiterated a “buy” rating and issued a $3.00 price target on shares of Cognition Therapeutics in a research note on Monday, June 22nd. Three investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.33.

Hedge Funds Weigh In On Cognition Therapeutics

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Gamco Investors INC. ET AL bought a new stake in shares of Cognition Therapeutics during the third quarter worth $27,000. Private Management Group Inc. acquired a new position in shares of Cognition Therapeutics during the third quarter worth $32,000. Marshall Wace LLP bought a new position in shares of Cognition Therapeutics in the 4th quarter valued at $37,000. Raymond James Financial Inc. lifted its stake in shares of Cognition Therapeutics by 34.7% in the 3rd quarter. Raymond James Financial Inc. now owns 29,641 shares of the company’s stock valued at $40,000 after acquiring an additional 7,641 shares during the last quarter. Finally, XTX Topco Ltd acquired a new stake in shares of Cognition Therapeutics during the 4th quarter valued at $50,000. Institutional investors own 43.35% of the company’s stock.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing disease-modifying therapies for neurodegenerative disorders, with an emphasis on Alzheimer’s disease. The company’s lead investigational candidate, CT1812, is an oral small molecule that antagonizes the sigma-2 receptor complex to protect synapses from amyloid-beta oligomer toxicity. By targeting a novel mechanism of action, Cognition Therapeutics aims to slow or reverse cognitive decline in patients living with Alzheimer’s disease.

CT1812 has successfully completed Phase 1 safety studies and preliminary Phase 2a trials, and is currently being evaluated in multiple Phase 2 clinical studies across North America and Europe in patients with mild-to-moderate Alzheimer’s disease.