Cingulate stock skyrockets after ADHD treatment shows positive trial results

Shares of Cingulate Inc.
CING,
+51.30%
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. “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,” said Chief Executive Shane Schaffer. “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 stock has rallied 22.6% over the past three months through Thursday, while the iShares Biotechnology exchange-traded fund
IBB,
-1.76%
has lost 3.4% and the S&P 500
SPX,
-1.60%
has eased 0.4%.