Cingulate (NASDAQ:CING) stock is soaring over 160% in early trading and trending on many financial news websites. The rally was sparked by the company’s announcement that the Nasdaq exchange would postpone delisting its shares for several weeks.
Cingulate has developed a potential treatment for attention deficit hyperactivity disorder (ADHD).
Last month, CING reported that Nasdaq had decided to delist its shares. This came after its stockholders’ equity had dropped below the minimum level required by the exchange. But today, Cingulate noted that Nasdaq had agreed to the firm’s request to hold a hearing on the issue in February. As a result, CING stock will continue to trade on the exchange until at least February.
The company added that at the hearing, it would present a plan outlining how it will seek to become compliant with Nasdaq’s rule. If the shares are nonetheless delisted in February, they will probably move to an over-the-counter (OTC) exchange.
Cingulate’s Drug
The company’s leading drug candidate, CTx-1301, incorporates its “Precision Timed Release” drug delivery platform technology and dexmethylphenidate, which has already been approved by the FDA as a treatment for ADHD. According to the firm, the drug delivery platform is able “to deliver the right amount of drug at the right time when patients need it.”
More specifically, the technology quickly delivers a large dosage of the drug and provides a meaningful and effective but declining amount of it all day. The firm expects to file an application seeking FDA approval of its drug “in the first half of 2025.”
The Price Action of CING Stock
In the last five trading days, the shares have soared 435%, but they are still down 45% in 2023.
On the date of publication, Larry Ramer did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
