Cogent Biosciences (NASDAQ:COGT) Announces Earnings Results, Beats Expectations By $0.04 EPS

Cogent Biosciences (NASDAQ:COGT) announced its earnings results on Friday. The technology company reported ($0.50) EPS for the quarter, topping the consensus estimate of ($0.54) by $0.04, Zacks reports.

Cogent Biosciences Stock Up 0.7%

Shares of NASDAQ COGT opened at $14.82 on Friday. The firm has a market cap of $1.69 billion, a PE ratio of -9.04 and a beta of 0.41. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $17.15. The company’s fifty day simple moving average is $14.40 and its 200 day simple moving average is $10.49.

Analyst Ratings Changes

A number of research firms recently commented on COGT. Citigroup lifted their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cogent Biosciences in a research note on Wednesday, October 8th. Guggenheim increased their price objective on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Raymond James Financial began coverage on shares of Cogent Biosciences in a report on Tuesday, September 2nd. They issued a “strong-buy” rating and a $30.00 target price on the stock. Finally, JPMorgan Chase & Co. upped their price target on shares of Cogent Biosciences from $30.00 to $44.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $20.83.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Nantahala Capital Management LLC increased its position in Cogent Biosciences by 96.3% in the 2nd quarter. Nantahala Capital Management LLC now owns 1,655,689 shares of the technology company’s stock valued at $11,888,000 after buying an additional 812,200 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Cogent Biosciences by 30.8% in the second quarter. Bank of America Corp DE now owns 1,400,965 shares of the technology company’s stock worth $10,059,000 after purchasing an additional 329,707 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of Cogent Biosciences by 3,381.7% in the second quarter. BNP Paribas Financial Markets now owns 215,414 shares of the technology company’s stock valued at $1,547,000 after purchasing an additional 209,227 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Cogent Biosciences by 482.6% during the first quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company’s stock valued at $963,000 after buying an additional 133,174 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Cogent Biosciences by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock worth $5,924,000 after buying an additional 124,069 shares in the last quarter.

About Cogent Biosciences

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.