CinCor Pharma, Inc. (NASDAQ:CINC – Get Rating) shares were down 6% on Tuesday after Morgan Stanley downgraded the stock from an overweight rating to an equal weight rating. Morgan Stanley now has a $22.00 price target on the stock, down from their previous price target of $60.00. CinCor Pharma traded as low as $13.13 and last traded at $13.26. Approximately 6,642 shares were traded during trading, a decline of 98% from the average daily volume of 291,894 shares. The stock had previously closed at $14.11.
A number of other brokerages have also weighed in on CINC. Piper Sandler decreased their target price on shares of CinCor Pharma from $73.00 to $53.00 in a research note on Monday. The Goldman Sachs Group initiated coverage on CinCor Pharma in a research note on Friday, October 28th. They issued a “buy” rating and a $67.00 price objective for the company. Lifesci Capital initiated coverage on CinCor Pharma in a research note on Monday, September 26th. They issued an “outperform” rating and a $64.00 price objective for the company. Finally, Oppenheimer lowered CinCor Pharma from an “outperform” rating to a “market perform” rating in a research note on Monday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $45.17.
Institutional Investors Weigh In On CinCor Pharma
Institutional investors have recently bought and sold shares of the business. Walleye Capital LLC purchased a new stake in CinCor Pharma in the 1st quarter worth $496,000. Rock Springs Capital Management LP purchased a new stake in CinCor Pharma in the 1st quarter worth $18,087,000. Amalgamated Bank purchased a new stake in CinCor Pharma in the 1st quarter worth $40,000. Artal Group S.A. bought a new position in shares of CinCor Pharma during the 2nd quarter valued at about $2,581,000. Finally, Integral Health Asset Management LLC bought a new position in shares of CinCor Pharma during the 2nd quarter valued at about $787,000.
CinCor Pharma Stock Performance
The firm’s fifty day simple moving average is $30.30 and its 200 day simple moving average is $26.15. The firm has a market cap of $572.82 million and a P/E ratio of -0.76.
About CinCor Pharma
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.