CinCor Pharma Inc. [CINC] stock Initiated by Barclays analyst, price target now $22

CinCor Pharma Inc. [NASDAQ: CINC] plunged by -$0.14 during the normal trading session on Thursday and reaching a high of $29.35 during the day while it closed the day at $29.06. The company report on February 21, 2023 that CinCor Pharma Announces Receipt of Minutes from End-of-Phase 2 Meeting with the U.S. Food and Drug Administration on Planned Phase 3 Program of Baxdrostat.

On February 17, 2023, the Company received the official meeting minutes from the End-of-Phase 2 meeting with the FDA held on January 18, 2023 reflecting that the FDA has agreed with the Company on (1) the dosing cohorts to be used in the planned Phase 3 program, (2) the size of the required treated patient population for purposes of determining safety and (3) the overall endpoints and patient population size to be treated in the anticipated Phase 3 clinical program. In addition, the FDA indicated that no further Phase 1 or Phase 2 clinical trials are needed prior to initiation of the pivotal Phase 3 program. The Company anticipates that the Phase 3 program is on track to initiate in the first half of 2023.

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CinCor Pharma Inc. stock has also loss -1.69% of its value over the past 7 days. However, CINC stock has inclined by 19.24% in the 3 months of the year. Over the past six months meanwhile, it has lost -17.49% and gained 136.45% year-on date.

The market cap for CINC stock reached $1.27 billion, with 40.81 million shares outstanding and 38.84 million shares in the current float. Compared to the average trading volume of 639.60K shares, CINC reached a trading volume of 6330473 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about CinCor Pharma Inc. [CINC]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CINC shares is $39.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CINC stock is a recommendation set at 2.30. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Barclays have made an estimate for CinCor Pharma Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on December 07, 2022. The new note on the price target was released on November 29, 2022, representing the official price target for CinCor Pharma Inc. stock. Previously, the target price had yet another drop from $60 to $22, while Morgan Stanley kept a Equal-Weight rating on CINC stock.

The Average True Range (ATR) for CinCor Pharma Inc. is set at 0.52 The Price to Book ratio for the last quarter was 2.28, with the Price to Cash per share for the same quarter was set at 11.92.

CINC stock trade performance evaluation

CinCor Pharma Inc. [CINC] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.69. With this latest performance, CINC shares gained by 1.11% in over the last four-week period, additionally sinking by -17.49% over the last 6 months – not to mention a rise of 16.24% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CINC stock in for the last two-week period is set at 69.26, with the RSI for the last a single of trading hit 59.20, and the three-weeks RSI is set at 67.29 for CinCor Pharma Inc. [CINC]. The present Moving Average for the last 50 days of trading for this stock 22.81, while it was recorded at 29.22 for the last single week of trading, and 24.66 for the last 200 days.

CinCor Pharma Inc. [CINC]: An insightful look at the core fundamentals

Return on Equity for this stock declined to -69.73, with Return on Assets sitting at -60.00.

CinCor Pharma Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 52.00 and a Current Ratio set at 52.00.

CinCor Pharma Inc. [CINC]: Insider Ownership positions

There are presently around $1,087 million, or 94.70% of CINC stock, in the hands of institutional investors. The top three institutional holders of CINC stocks are: SOFINNOVA INVESTMENTS, INC. with ownership of 6,073,949, which is approximately -0.099% of the company’s market cap and around 0.10% of the total institutional ownership; 5AM VENTURE MANAGEMENT, LLC, holding 4,937,646 shares of the stock with an approximate value of $143.49 million in CINC stocks shares; and GENERAL ATLANTIC, L.P., currently with $122.33 million in CINC stock with ownership of nearly 0% of the company’s market capitalization.

Positions in CinCor Pharma Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 71 institutional holders increased their position in CinCor Pharma Inc. [NASDAQ:CINC] by around 6,064,596 shares. Additionally, 38 investors decreased positions by around 5,920,851 shares, while 13 investors held positions by with 25,431,765 shares. The mentioned changes placed institutional holdings at 37,417,212 shares, according to the latest SEC report filing. CINC stock had 37 new institutional investments in for a total of 1,946,462 shares, while 19 institutional investors sold positions of 1,912,325 shares during the same period.

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