Cogent Biosciences (NASDAQ:COGT) Posts Quarterly Earnings Results, Misses Estimates By $0.11 EPS

Cogent Biosciences (NASDAQ:COGT) posted its quarterly earnings data on Tuesday. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11), Briefing.com reports.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded down $0.21 during trading on Wednesday, hitting $7.55. 223,346 shares of the company’s stock were exchanged, compared to its average volume of 1,944,707. The business’s 50-day simple moving average is $6.74 and its 200 day simple moving average is $6.61. The company has a market cap of $721.86 million, a price-to-earnings ratio of -3.23 and a beta of 1.57. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $13.50.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on COGT shares. Citigroup lifted their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Leerink Partnrs restated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Cogent Biosciences in a research note on Wednesday. Wedbush boosted their price objective on Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. increased their target price on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, February 27th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $13.67.

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.