Cogent Biosciences (NASDAQ:COGT) Releases Earnings Results, Beats Expectations By $0.04 EPS

Cogent Biosciences (NASDAQ:COGT) released its quarterly earnings data on Friday. The technology company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.04, Zacks reports.

Cogent Biosciences Stock Performance

NASDAQ COGT traded up $0.10 on Friday, reaching $14.82. The company had a trading volume of 3,194,840 shares, compared to its average volume of 2,548,991. The firm has a market capitalization of $1.69 billion, a price-to-earnings ratio of -9.04 and a beta of 0.41. Cogent Biosciences has a 1-year low of $3.72 and a 1-year high of $17.15. The company’s fifty day moving average is $14.40 and its 200-day moving average is $10.49.

Wall Street Analysts Forecast Growth

COGT has been the topic of several analyst reports. Stifel Nicolaus assumed coverage on shares of Cogent Biosciences in a report on Wednesday, October 15th. They issued a “hold” rating and a $16.00 target price on the stock. Guggenheim raised their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research note on Monday, August 25th. Raymond James Financial assumed coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They set a “strong-buy” rating and a $30.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $30.00 to $44.00 and gave the company an “overweight” rating in a research note on Tuesday, October 21st. Finally, HC Wainwright reaffirmed a “buy” rating and set a $21.00 price target on shares of Cogent Biosciences in a research report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $20.83.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC lifted its stake in Cogent Biosciences by 482.6% in the 1st quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company’s stock valued at $963,000 after acquiring an additional 133,174 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cogent Biosciences by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company’s stock valued at $377,000 after purchasing an additional 3,693 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Cogent Biosciences by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock valued at $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Jane Street Group LLC lifted its position in shares of Cogent Biosciences by 66.2% in the first 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 in the last quarter. Finally, Strs Ohio acquired a new position in Cogent Biosciences during the first quarter worth $36,000.

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.