Shares of Cingulate Inc. (CING) blasted 226.3% higher in premarket trading Thursday after the biopharmaceutical company disclosed that the delisting of its stock has been delayed until at least February. After closing Tuesday at a record low of $1.98, the stock had soared a record 101.5% on Wednesday. At current premarket prices, the stock has soared more than 6-fold (up 557.6%) in two days. The company had said in November that the Nasdaq had decided to delist Cingulate's stock given noncompliance with the minimum stockholders' equity requirement. But with the Nasdaq's granting the company's request for a hearing, the stock will remain listed pending the panel hearing scheduled for February, at which time the company will submit its plan to regain compliance. Separately, the company disclosed that based on guidance from the U.S. Food and Drug Administration regarding its clinical program for its investigational drug candidate to treat attention deficit hyperactivity disorder (ADHD) a new drug application is expected to be submitted in the first half of 2025. Through Wednesday, the stock has tumbled 80.1% year to date, while the iShares Biotechnology ETF (IBB) has gained 4.2% and the S&P 500 has rallied 24.5%.
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