Cogent Biosciences (NASDAQ:COGT) Releases Earnings Results, Misses Expectations By $0.03 EPS

Cogent Biosciences (NASDAQ:COGT) announced its quarterly earnings results on Thursday. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03), FiscalAI reports.

Cogent Biosciences Stock Performance

COGT stock traded up $2.07 during trading hours on Friday, hitting $31.65. 1,481,732 shares of the stock were exchanged, compared to its average volume of 2,224,450. Cogent Biosciences has a 12 month low of $13.93 and a 12 month high of $43.73. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The firm has a market capitalization of $5.49 billion, a P/E ratio of -14.07 and a beta of 0.36. The company has a 50-day simple moving average of $31.83 and a two-hundred day simple moving average of $35.52.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $55.00 price objective on shares of Cogent Biosciences in a research report on Wednesday, September 16th. Wall Street Zen cut shares of Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Piper Sandler upped their target price on shares of Cogent Biosciences from $52.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, August 17th. Guggenheim increased their target price on Cogent Biosciences from $45.00 to $52.00 and gave the stock a “buy” rating in a report on Wednesday, August 12th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Friday, October 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $51.56.

About Cogent Biosciences

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses molecular biology and drug-discovery technologies to design therapies intended to target disease-driving mutations while limiting activity in healthy tissues.

Cogent’s lead product candidate is bezuclastinib, also known as CGT9486, an investigational, highly selective inhibitor of the KIT D816V mutation. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both indolent and advanced forms of the disease.

Cogent conducts its research and clinical-development activities primarily in the United States and works with clinical centers and research partners in support of its development programs.