Cogent Biosciences (NASDAQ:COGT) Announces Quarterly Earnings Results

Cogent Biosciences (NASDAQ:COGT) released its quarterly earnings results on Tuesday. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03), Briefing.com reports. During the same period in the prior year, the company posted ($0.59) EPS.

Cogent Biosciences Trading Down 6.8 %

Shares of Cogent Biosciences stock traded down $0.63 on Wednesday, reaching $8.63. 746,079 shares of the company were exchanged, compared to its average volume of 1,605,458. The stock has a fifty day moving average price of $8.79 and a 200-day moving average price of $7.49. The firm has a market capitalization of $825.14 million, a price-to-earnings ratio of -3.48 and a beta of 1.71. Cogent Biosciences has a fifty-two week low of $3.67 and a fifty-two week high of $13.23.

Analyst Ratings Changes

COGT has been the topic of several recent analyst reports. Wedbush reissued a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a report on Tuesday. JPMorgan Chase & Co. dropped their price objective on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research note on Wednesday. Finally, HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Cogent Biosciences in a research report on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.