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

Cogent Biosciences (NASDAQ:COGT) released its quarterly earnings data on Tuesday. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03), Briefing.com reports. During the same period in the previous year, the business posted ($0.59) EPS.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT traded down $0.63 during midday trading on Wednesday, hitting $8.63. The company’s stock had a trading volume of 746,079 shares, compared to its average volume of 1,605,458. The business’s 50 day simple moving average is $8.77 and its 200 day simple moving average is $7.48. The company has a market cap of $825.14 million, a P/E ratio of -3.48 and a beta of 1.71. Cogent Biosciences has a 12-month low of $3.67 and a 12-month high of $13.23.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. JPMorgan Chase & Co. dropped their price target on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday. Wedbush restated a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a research report on Tuesday. HC Wainwright restated a “buy” rating and set a $19.00 price target on shares of Cogent Biosciences in a research report on Monday, June 17th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a report on Wednesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.50.

About Cogent Biosciences

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.