Shares of Cingulate, which is developing drugs using its Precision Timed Release technology, fell to a 52-week low after a 1-for-20 reverse stock split.
The stock was recently at $5.71, down 7.9%. Its low point for Thursday was $5.16. Volume is more than 82,000 shares, compared with a 65-day average of 9,716.
Cingulate said in a securities filing Tuesday that it expected the reverse split would be effective Thursday.
The company hasn’t reported revenue yet. Its lead candidate, CTx-1301, for attention deficit/hyperactivity disorder, uses dexmethylphenidate, a stimulant that has been used in products including the Novartis drug Focalin. In September, Cingulate said data from a Phase 3 CTx-1301 trial didn’t achieve statistical significance on the primary efficacy endpoint, but did demonstrate a trend toward significance in improving Permanent Product Measure of Performance scores compared with placebo.