Cincor Pharma (CINC) interesting flow today with 2500 August $15 short puts opening $4.70 to $4.80, a Biotech that was crushed late November as its experimental hypertension drug failed to meet the primary endpoint in a Phase 2 clinical trial. CINC now has a $480M market ap and trades less than cash value. Barclays started Overweight on 12/7 with a $22 target seeing a rare opportunity to own a blockbuster asset with a key readout due in 2H23. Jefferies also defending shares on 11/30 noting a strong balance sheet through 2025 and the company moving ahead with Phase 3 studies seeing value in the company’s blood pressure pill and has a $50 target. Piper lowered its target to $53 and sees recent confounding data to be controlled in Phase 3 and lead to a positive outcome.