Shares of Cingulate Inc. (CING) skyrocketed 82.9% toward an 11-month high in active premarket trading Friday, after the biopharmaceutical company reported positive results from a trial of its attention deficit/hyperactivity disorder (ADHD) treatment. With trading volume spiking to over 3.2 million shares, compared with the full-day average of about 112,400 shares, the stock was the biggest gainer and most active listed on major U.S. exchanges.
The company said its CTx-1301 indicated a favorable tolerability profile, as the trial showed it can be taken with or without food. Shane Schaffer, the Chief Executive of Cingulate Inc., commented on the results of the study, “We are developing CTx-1301 to be the first true, once-daily stimulant medication that treats ADHD over an entire active day, and crucial to this is ensuring a pharmacokinetic profile customized for the unique attributes of stimulant medications and ADHD, regardless of food intake. The results of this study are instrumental in confirming that we have identified the optimal formulation of CTx-1301, paving the way for our Phase 3 trials.”
The stock has rallied 22.6% over the past three months through Thursday, while the iShares Biotechnology exchange-traded fund (IBB) has lost 3.4% and the S&P 500 (SPX) has eased 0.4%. This significant increase in Cingulate Inc.’s stock price is a testament to the positive results of the trial and the potential of the CTx-1301 medication.
Attention Deficit/Hyperactivity Disorder (ADHD) is a disorder that affects many people, especially children. It is characterized by difficulty in paying attention, hyperactivity, and impulsiveness. The most commonly prescribed treatments for ADHD are stimulants, such as methylphenidate, dextroamphetamine, and lisdexamfetamine. These medications are effective in treating the symptoms of ADHD, but they can have side effects, such as decreased appetite, insomnia, and irritability.
The trial of CTx-1301 showed that it can be taken with or without food, thus providing an alternative to the commonly prescribed medications. This is important because it allows people with ADHD to take the medication at different times of the day, depending on when they are able to eat. Additionally, the trial showed that the medication had a favorable tolerability profile, meaning that it was well tolerated by the participants in the study.
The results of the trial have been encouraging and have been met with enthusiasm by the investors of Cingulate Inc. The stock has seen a significant increase in its price, indicating that investors are optimistic about the potential of the CTx-1301 medication. With the results of the trial, Cingulate Inc. is now in the process of conducting Phase 3 trials, which will further assess the efficacy and safety of the medication.
The potential of CTx-1301 to provide an alternative treatment for ADHD is exciting news, as it could provide new options for those struggling with the disorder. If the Phase 3 trials are successful, the medication could be approved for use and provide relief to many people. Until then, the investors of Cingulate Inc. will be eagerly awaiting the results of the trials and hoping for a successful outcome.
