Short Interest in Cognition Therapeutics, Inc. (NASDAQ:CGTX) Grows By 270.7%

Cognition Therapeutics, Inc. (NASDAQ:CGTX) was the target of a large increase in short interest in November. As of November 30th, there was short interest totalling 2,680,000 shares, an increase of 270.7% from the November 15th total of 723,000 shares. Currently, 7.7% of the shares of the stock are short sold. Based on an average daily trading volume, of 1,440,000 shares, the days-to-cover ratio is currently 1.9 days.

Cognition Therapeutics Stock Performance

NASDAQ:CGTX traded up $0.05 during midday trading on Wednesday, reaching $0.49. 1,804,843 shares of the stock traded hands, compared to its average volume of 745,468. The business has a 50-day moving average of $0.46 and a two-hundred day moving average of $1.00. The stock has a market capitalization of $20.25 million, a PE ratio of -0.45 and a beta of 1.26. Cognition Therapeutics has a 12-month low of $0.34 and a 12-month high of $2.95.

Wall Street Analyst Weigh In

Several brokerages have commented on CGTX. HC Wainwright reiterated a “buy” rating and issued a $5.00 price target on shares of Cognition Therapeutics in a research note on Wednesday, November 27th. Chardan Capital reissued a “buy” rating and set a $11.00 price target on shares of Cognition Therapeutics in a research note on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Cognition Therapeutics has an average rating of “Moderate Buy” and a consensus price target of $8.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CM Management LLC increased its holdings in shares of 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 acquiring an additional 25,000 shares in the last quarter. Mercer Global Advisors Inc. ADV raised its stake in shares of Cognition Therapeutics by 33.4% in the second quarter. Mercer Global Advisors Inc. ADV now owns 95,951 shares of the company’s stock worth $159,000 after purchasing an additional 24,050 shares during the last quarter. Sigma Planning Corp increased its stake in shares of Cognition Therapeutics by 14.6% in the third quarter. Sigma Planning Corp now owns 197,190 shares of the company’s stock worth $92,000 after acquiring an additional 25,050 shares during the period. Finally, Virtu Financial LLC acquired a new position in shares of Cognition Therapeutics in the 3rd quarter valued at about $27,000. 43.35% of the stock is currently owned by hedge funds and other institutional investors.

About Cognition Therapeutics

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.