Cognition Therapeutics, Inc. (NASDAQ:CGTX) Sees Significant Drop in Short Interest

Cognition Therapeutics, Inc. (NASDAQ:CGTX) was the recipient of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 723,000 shares, a drop of 11.4% from the October 31st total of 815,700 shares. Approximately 2.1% of the company’s shares are sold short. Based on an average trading volume of 1,310,000 shares, the short-interest ratio is presently 0.6 days.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on CGTX shares. HC Wainwright reissued a “buy” rating and issued a $5.00 price objective on shares of Cognition Therapeutics in a research note on Wednesday. B. Riley restated a “neutral” rating and set a $1.00 price target (down from $5.00) on shares of Cognition Therapeutics in a report on Tuesday, August 6th. Finally, Chardan Capital reiterated a “buy” rating and issued a $11.00 price objective 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, the stock has an average rating of “Moderate Buy” and an average price target of $8.00.

Cognition Therapeutics Stock Performance

NASDAQ:CGTX remained flat at $0.40 on Friday. The company’s stock had a trading volume of 866,243 shares, compared to its average volume of 3,116,512. The company has a market cap of $16.70 million, a P/E ratio of -0.41 and a beta of 1.34. Cognition Therapeutics has a 1-year low of $0.34 and a 1-year high of $2.95. The company’s 50 day moving average price is $0.47 and its two-hundred day moving average price is $1.09.

Hedge Funds Weigh In On Cognition Therapeutics

A number of large investors have recently modified their holdings of CGTX. CM Management LLC increased its holdings in Cognition Therapeutics by 14.3% during the 2nd quarter. CM Management LLC now owns 200,000 shares of the company’s stock worth $332,000 after purchasing an additional 25,000 shares in the last quarter. Mercer Global Advisors Inc. ADV grew 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 worth $159,000 after buying an additional 24,050 shares in the last quarter. Sigma Planning Corp raised its position in Cognition Therapeutics by 14.6% in the 3rd quarter. Sigma Planning Corp now owns 197,190 shares of the company’s stock valued at $92,000 after buying an additional 25,050 shares during the last quarter. Virtu Financial LLC bought a new position in Cognition Therapeutics during the 3rd quarter valued at $27,000. Finally, Bangor Savings Bank boosted its holdings in Cognition Therapeutics by 41.6% during the 2nd quarter. Bangor Savings Bank now owns 34,019 shares of the company’s stock worth $56,000 after acquiring an additional 10,000 shares during the last quarter. 43.35% of the stock is currently owned by 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.