Cogent Biosciences (NASDAQ:COGT) Issues Earnings Results, Beats Estimates By $0.03 EPS

Cogent Biosciences (NASDAQ:COGT) released its quarterly earnings results on Monday. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.03, FiscalAI reports.

Cogent Biosciences Stock Down 6.8%

Shares of NASDAQ COGT opened at $38.70 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. The firm’s 50-day moving average is $37.65 and its two-hundred day moving average is $36.65. Cogent Biosciences has a 12-month low of $10.98 and a 12-month high of $43.73. The company has a market capitalization of $6.61 billion, a PE ratio of -17.83 and a beta of 0.38.

Analyst Ratings Changes

Several analysts recently commented on the stock. Guggenheim reiterated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday. HC Wainwright raised their price target on Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Wedbush reaffirmed an “outperform” rating and set a $55.00 price objective on shares of Cogent Biosciences in a research note on Friday, May 29th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $45.90.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Deerfield Management Company L.P. lifted its holdings in Cogent Biosciences by 242.9% in the 3rd quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after purchasing an additional 6,412,903 shares in the last quarter. RTW Investments LP boosted its holdings in shares of Cogent Biosciences by 119.0% during the fourth quarter. RTW Investments LP now owns 7,592,241 shares of the technology company’s stock worth $269,676,000 after purchasing an additional 4,124,755 shares during the last quarter. Balyasny Asset Management L.P. acquired a new position in Cogent Biosciences in the third quarter valued at $38,348,000. Price T Rowe Associates Inc. MD raised its stake in Cogent Biosciences by 2,758.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,564,062 shares of the technology company’s stock worth $91,076,000 after purchasing an additional 2,474,346 shares during the period. Finally, Wellington Management Group LLP boosted its holdings in shares of Cogent Biosciences by 566.6% in the 4th quarter. Wellington Management Group LLP now owns 2,712,336 shares of the technology company’s stock valued at $96,342,000 after purchasing an additional 2,305,437 shares during the last quarter.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.