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

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

Cogent Biosciences Stock Performance

COGT stock traded down $0.21 during midday 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. Cogent Biosciences has a one year low of $3.67 and a one year high of $13.50. The company has a market cap of $721.86 million, a PE ratio of -3.23 and a beta of 1.57. The stock’s fifty day moving average price is $6.74 and its 200-day moving average price is $6.61.

Wall Street Analysts Forecast Growth

COGT has been the subject of several research analyst reports. Leerink Partnrs restated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Robert W. Baird restated a “neutral” rating and set a $8.00 target price (down from $14.00) on shares of Cogent Biosciences in a research report on Monday, February 26th. 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 report on Monday, February 26th. JPMorgan Chase & Co. upped their target price on shares of Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, February 27th. Finally, Wedbush raised their price target on Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target 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.