Cogent Biosciences (NASDAQ:COGT) Issues Earnings Results

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

Cogent Biosciences Stock Up 7.0%

NASDAQ:COGT traded up $2.07 during midday trading on Friday, reaching $31.65. 1,481,732 shares of the stock traded hands, compared to its average volume of 2,224,450. The stock has a market capitalization of $5.49 billion, a PE ratio of -14.07 and a beta of 0.36. Cogent Biosciences has a 12-month low of $13.93 and a 12-month high of $43.73. The company has a debt-to-equity ratio of 0.48, a quick ratio of 13.57 and a current ratio of 13.57. The business has a 50-day moving average of $31.83 and a two-hundred day moving average of $35.52.

Analyst Upgrades and Downgrades

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

Cogent Biosciences Company Profile

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.