HC Wainwright Lowers Earnings Estimate for Cognition Therapeutics in FY2024

Cognition Therapeutics, Inc. (NASDAQ:CGTX) is facing a revision in its earnings projections for FY2024. According to a research note released by investment analysts at HC Wainwright on November 27th, the firm's analyst R. Selvaraju has adjusted the expected earnings per share (EPS) from ($0.72) to ($0.87) for the upcoming fiscal year. This downward revision reflects current evaluations and market conditions affecting the company.

Despite this adjustment, HC Wainwright maintains a "Buy" rating on Cognition Therapeutics and has set a target price of $5.00 for the stock. Meanwhile, the consensus estimate among analysts for the full year's earnings remains at approximately ($0.86) per share. Additionally, HC Wainwright has estimated Q4 2024 earnings to be around ($0.19) EPS and FY2025 earnings to be around ($0.31) EPS.

Market Response and Analyst Ratings

Cognition Therapeutics has garnered attention from several other research firms. Chardan Capital recently reaffirmed a "buy" rating and raised their price target to $11.00 as of November 15th. On the contrary, B. Riley adjusted their forecast, reducing their price objective for the stock from $5.00 to $1.00 with a "neutral" rating.

In the analyst landscape, two analysts have rated Cognition Therapeutics as a hold, while four others have issued buy recommendations. Current data reflects a consensus rating classified as a "Moderate Buy" with a collective price target set at $8.00.

Current Stock Performance

As of Monday, shares of NASDAQ CGTX were trading at $0.40. The stock has experienced volatility, with a fifty-day simple moving average of $0.47 and a two-hundred-day average of $1.09. Over the past year, Cognition Therapeutics has seen lows of $0.34 and highs of $2.95, with the company holding a market capitalization of $16.62 million. Its price-to-earnings ratio stands at -0.41, and the stock has a beta of 1.34, indicating higher volatility compared to the overall market.

Institutional Investments in Cognition Therapeutics

Recent shifts in institutional ownership have also been noted. A number of hedge funds and institutional investors have modified their stakes in Cognition Therapeutics. For example, Virtu Financial LLC entered a new position in the third quarter valued around $27,000. Bangor Savings Bank significantly increased its holdings by 41.6%, bringing its total shares to 34,019, equating to a value of $56,000 after acquiring additional shares.

Furthermore, Sigma Planning Corp raised its stake by 14.6%, owning 197,190 shares worth $92,000 after additional acquisitions. Mercer Global Advisors and CM Management also increased their positions during the year, contributing to the total institutional ownership of 43.35% in CGTX.

Company Overview

Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical firm focused on developing innovative small molecule therapeutics aimed at addressing age-related degenerative diseases, particularly those affecting the central nervous system and retina. Their lead candidate, CT1812, is an oral therapeutic currently in Phase 2 trials for Alzheimer's disease, as well as other conditions like geographic atrophy stemming from dry age-related macular degeneration and synucleinopathies.

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