Insider Buying: CinCor Pharma, Inc. (NASDAQ:CINC) Major Shareholder Buys 600,000 Shares of Stock

CinCor Pharma, Inc. (NASDAQ:CINCGet Rating) major shareholder 5Am Partners Vi, Llc bought 600,000 shares of the company’s stock in a transaction dated Monday, August 15th. The stock was bought at an average cost of $30.00 per share, for a total transaction of $18,000,000.00. Following the acquisition, the insider now owns 3,953,990 shares of the company’s stock, valued at approximately $118,619,700. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

CinCor Pharma Trading Down 0.8 %

CINC stock traded down $0.28 on Wednesday, reaching $34.92. 136,465 shares of the company’s stock were exchanged, compared to its average volume of 204,162. The stock has a fifty day moving average of $22.20 and a 200-day moving average of $21.40. CinCor Pharma, Inc. has a twelve month low of $13.00 and a twelve month high of $43.15.

CinCor Pharma (NASDAQ:CINCGet Rating) last announced 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 -2.38 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on CINC shares. Oppenheimer boosted their target price on CinCor Pharma from $30.00 to $35.00 and gave the company an “outperform” rating in a report on Thursday, July 21st. Morgan Stanley boosted their target price on CinCor Pharma from $31.00 to $45.00 and gave the company an “overweight” rating in a report on Tuesday, August 9th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. UBS Group AG acquired a new position in CinCor Pharma during the first quarter worth $38,000. Amalgamated Bank acquired a new stake in CinCor Pharma in the first quarter valued at $40,000. California State Teachers Retirement System acquired a new stake in CinCor Pharma in the first quarter valued at $87,000. JPMorgan Chase & Co. acquired a new stake in CinCor Pharma in the first quarter valued at $95,000. Finally, American International Group Inc. acquired a new stake in CinCor Pharma in the first quarter valued at $101,000. Institutional investors and hedge funds own 52.53% of the company’s stock.

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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