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

Cogent Biosciences (NASDAQ:COGT) issued its quarterly earnings data on Tuesday. The technology company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.03, Zacks reports.

Cogent Biosciences Trading Down 3.9 %

Shares of Cogent Biosciences stock traded down $0.22 during trading on Tuesday, reaching $5.35. The stock had a trading volume of 87,802 shares, compared to its average volume of 1,255,598. The company has a market capitalization of $609.13 million, a price-to-earnings ratio of -2.13 and a beta of 1.91. The stock has a fifty day moving average price of $5.84 and a two-hundred day moving average price of $7.91. Cogent Biosciences has a 52 week low of $3.72 and a 52 week high of $12.61.

Wall Street Analyst Weigh In

COGT has been the subject of several research analyst reports. Wedbush reiterated a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Scotiabank assumed coverage on shares of Cogent Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 target price on the stock. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Finally, Robert W. Baird cut their target price on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.43.

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.