Shares of biopharmaceutical company Cingulate (NASDAQ:CING) are tanking today after it announced a joint commercialization agreement for its lead candidate CTx-1301 with Indegene.
The drug is under development as a once-daily treatment for attention-deficit/hyperactivity (ADHD). The two companies will follow an omnichannel marketing approach for the management of Phase 3 studies as well as the countrywide commercialization of the drug (post-approval).
Further, CING is aiming to begin the Phase 3 trial of the drug in the middle of this year. Importantly, Indegene’s sales prowess means CING can focus on the development of the drug. If approved, CTx-1301 could become the first medication to provide an onset of action within 30 minutes and efficacy lasting for about 16 hours.
Overall, Wall Street has a consensus price target of $4.25 on CING. This implies a massive 237% upside in the stock. That’s on top of a nearly 33% rise in the share price so far this year.
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