Roth Capital analyst Boobalan Pachaiyappan lowered the firm's price target on Cingulate to $10 from $14 and keeps a Buy rating on the shares, citing Q1 updates for the firm's revised target. However, "all eyes are on May 31" as the FDA is expected to deliver a regulatory decision on CTx-1301's new drug application. Assuming additional time is required to fulfill pending requests, the FDA may issue a CRL or seek a PDUFA extension, "both of which are acceptable solutions as opposed to mandating new human data," according to the analyst, who continues to project a U.S. launch of CTx-1301 in 2027.
