CinCor Pharma (NASDAQ:CINC) Stock Price Up 1.7%

CinCor Pharma, Inc. (NASDAQ:CINCGet Rating) shares rose 1.7% during mid-day trading on Tuesday . The stock traded as high as $30.15 and last traded at $28.70. Approximately 2,322 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 209,168 shares. The stock had previously closed at $28.22.

Wall Street Analyst Weigh In

CINC has been the subject of several research reports. Piper Sandler initiated coverage on CinCor Pharma in a research note on Sunday, August 21st. They issued an “overweight” rating for the company. Morgan Stanley upped their target price on CinCor Pharma from $45.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, September 9th. Finally, Oppenheimer upped their target price on CinCor Pharma from $30.00 to $35.00 and gave the stock an “outperform” rating in a research note on Thursday, July 21st. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $41.67.

CinCor Pharma Stock Performance

The business has a 50 day moving average price of $28.50 and a two-hundred day moving average price of $22.76.

CinCor Pharma (NASDAQ:CINCGet Rating) last released its quarterly earnings data on Monday, August 8th. The company reported ($0.56) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.06). As a group, sell-side analysts forecast that CinCor Pharma, Inc. will post -2.34 EPS for the current year.

Insider Activity

In related news, major shareholder 5Am Partners Vi, Llc acquired 600,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was purchased at an average price of $30.00 per share, with a total value of $18,000,000.00. Following the completion of the purchase, the insider now owns 3,953,990 shares in the company, valued at approximately $118,619,700. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. In other CinCor Pharma news, Director James Healy bought 506,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 11th. The stock was bought at an average price of $30.00 per share, for a total transaction of $15,180,000.00. Following the completion of the acquisition, the director now directly owns 6,073,949 shares in the company, valued at $182,218,470. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, major shareholder 5Am Partners Vi, Llc bought 600,000 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were acquired at an average price of $30.00 per share, with a total value of $18,000,000.00. Following the acquisition, the insider now owns 3,953,990 shares of the company’s stock, valued at $118,619,700. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 1,606,000 shares of company stock valued at $48,180,000.

Hedge Funds Weigh In On CinCor Pharma

A number of hedge funds and other institutional investors have recently made changes to their positions in CINC. venBio Partners LLC bought a new position in shares of CinCor Pharma during the first quarter valued at approximately $34,742,000. RTW Investments LP bought a new position in CinCor Pharma in the first quarter worth $24,375,000. Rock Springs Capital Management LP bought a new position in CinCor Pharma in the first quarter worth $18,087,000. Omega Fund Management LLC bought a new position in CinCor Pharma in the first quarter worth $16,947,000. Finally, Sands Capital Ventures LLC bought a new position in CinCor Pharma in the first quarter worth $16,663,000.

About CinCor Pharma

(Get Rating)

CinCor Pharma, Inc, a clinical-stage biopharmaceutical company, engages in the development of drugs for the treatment for cardio-renal diseases. It is involved in developing CIN-107, which is in Phase II clinical trial for the treatment of hypertension, primary aldosteronism, and other cardio-renal diseases, as well as in Phase I clinical trial to treat chronic kidney diseases.

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