Cognition Therapeutics, Inc. (NASDAQ:CGTX) Sees Large Decrease in Short Interest

Cognition Therapeutics, Inc. (NASDAQ:CGTX) was the target of a large decline in short interest in September. As of September 15th, there was short interest totalling 709,900 shares, a decline of 22.4% from the August 31st total of 914,900 shares. Currently, 2.1% of the company’s stock are sold short. Based on an average trading volume of 979,400 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. CM Management LLC raised its stake in Cognition Therapeutics by 14.3% during the second quarter. CM Management LLC now owns 200,000 shares of the company’s stock worth $332,000 after acquiring an additional 25,000 shares during the period. Twin Focus Capital Partners LLC bought a new stake in shares of Cognition Therapeutics in the 4th quarter worth approximately $173,000. Hohimer Wealth Management LLC acquired a new position in Cognition Therapeutics during the 1st quarter valued at approximately $410,000. Levin Capital Strategies L.P. bought a new position in Cognition Therapeutics during the 1st quarter worth $55,000. Finally, Tocqueville Asset Management L.P. bought a new position in Cognition Therapeutics during the 1st quarter worth $47,000. 43.35% of the stock is owned by institutional investors and hedge funds.

Cognition Therapeutics Stock Up 2.6 %

NASDAQ:CGTX traded up $0.01 during trading hours on Friday, reaching $0.42. 161,647 shares of the stock were exchanged, compared to its average volume of 467,215. The stock has a market capitalization of $16.86 million, a P/E ratio of -0.46 and a beta of 1.41. The firm has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.55. Cognition Therapeutics has a 52 week low of $0.40 and a 52 week high of $2.95.

Cognition Therapeutics (NASDAQ:CGTX) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.18) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.04. During the same period in the prior year, the firm earned ($0.16) EPS. As a group, analysts expect that Cognition Therapeutics will post -0.87 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Cantor Fitzgerald lowered shares of Cognition Therapeutics from an “overweight” rating to a “neutral” rating in a report on Tuesday, July 30th. Chardan Capital assumed coverage on shares of Cognition Therapeutics in a report on Thursday, June 6th. They issued a “buy” rating and a $11.00 price objective on the stock. B. Riley reiterated a “neutral” rating and issued a $1.00 price objective (down previously from $5.00) on shares of Cognition Therapeutics in a report on Tuesday, August 6th. HC Wainwright cut their price objective on shares of Cognition Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Finally, Rodman & Renshaw reiterated a “buy” rating and issued a $14.00 price objective on shares of Cognition Therapeutics in a report on Tuesday, July 2nd. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $8.00.

Cognition Therapeutics Company Profile

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.