Cognition Therapeutics, Inc. (NASDAQ:CGTX) Short Interest Down 25.1% in September

Cognition Therapeutics, Inc. (NASDAQ:CGTX) was the target of a large drop in short interest during the month of September. As of September 30th, there was short interest totalling 531,400 shares, a drop of 25.1% from the September 15th total of 709,900 shares. Approximately 1.6% of the shares of the company are short sold. Based on an average daily volume of 1,100,000 shares, the short-interest ratio is currently 0.5 days.

Hedge Funds Weigh In On Cognition Therapeutics

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

Cognition Therapeutics Price Performance

CGTX traded down $0.01 during trading on Friday, reaching $0.40. 322,663 shares of the stock traded hands, compared to its average volume of 483,099. The stock has a market cap of $16.04 million, a price-to-earnings ratio of -0.44 and a beta of 1.36. Cognition Therapeutics has a fifty-two week low of $0.34 and a fifty-two week high of $2.95. The stock’s 50-day simple moving average is $0.58 and its two-hundred day simple moving average is $1.45.

Cognition Therapeutics (NASDAQ:CGTX) last posted its earnings results on Thursday, August 8th. The company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.22) by $0.04. During the same period in the prior year, the business earned ($0.16) EPS. Research analysts anticipate that Cognition Therapeutics will post -0.96 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

CGTX has been the topic of several analyst reports. HC Wainwright lowered their target price on Cognition Therapeutics from $7.00 to $5.00 and set a “buy” rating on the stock in a research report on Monday, August 12th. Cantor Fitzgerald lowered Cognition Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Tuesday, July 30th. Rodman & Renshaw reissued a “buy” rating and set a $14.00 price objective on shares of Cognition Therapeutics in a research note on Tuesday, July 2nd. Finally, B. Riley reaffirmed a “neutral” rating and issued a $1.00 target price (down previously from $5.00) on shares of Cognition Therapeutics in a research report on Tuesday, August 6th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.