Cogent Biosciences (NASDAQ:COGT) Releases Earnings Results, Misses Estimates By $0.07 EPS

Cogent Biosciences (NASDAQ:COGT) posted its quarterly earnings data on Tuesday. The technology company reported ($0.60) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.07), reports.

Cogent Biosciences Trading Down 1.1%

NASDAQ COGT traded down $0.42 during trading hours on Tuesday, hitting $36.31. 43,812 shares of the company’s stock were exchanged, compared to its average volume of 2,066,934. The business’s 50 day moving average is $36.47 and its 200-day moving average is $34.40. Cogent Biosciences has a 12-month low of $4.55 and a 12-month high of $43.73. The firm has a market capitalization of $6.20 billion, a P/E ratio of -16.70 and a beta of 0.37. The company has a debt-to-equity ratio of 0.41, a quick ratio of 14.23 and a current ratio of 14.23.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in COGT. AQR Capital Management LLC lifted its position in Cogent Biosciences by 482.6% during the first quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company’s stock worth $963,000 after buying an additional 133,174 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cogent Biosciences by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company’s stock worth $377,000 after purchasing an additional 3,693 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock worth $5,924,000 after purchasing an additional 124,069 shares during the period. Jane Street Group LLC raised its holdings in shares of Cogent Biosciences by 66.2% in the 1st quarter. Jane Street Group LLC now owns 123,822 shares of the technology company’s stock worth $742,000 after purchasing an additional 49,338 shares during the period. Finally, Strs Ohio purchased a new position in shares of Cogent Biosciences in the 1st quarter worth about $36,000.

Analyst Ratings Changes

A number of research firms have recently weighed in on COGT. Weiss Ratings reissued a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, April 10th. UBS Group raised shares of Cogent Biosciences to a “strong-buy” rating in a research report on Wednesday, January 7th. Piper Sandler boosted their price objective on shares of Cogent Biosciences from $39.00 to $52.00 and gave the company an “overweight” rating in a research report on Wednesday, February 18th. Wall Street Zen downgraded Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Finally, Jefferies Financial Group began coverage on Cogent Biosciences in a research report on Monday, March 16th. They set a “buy” rating and a $55.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of “Moderate Buy” and an average target price of $43.45.

About Cogent Biosciences

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.