Cogent Biosciences (NASDAQ:COGT) Announces Quarterly Earnings Results, Beats Estimates By $0.50 EPS

Cogent Biosciences (NASDAQ:COGT) posted its quarterly earnings results on Tuesday. The technology company reported ($0.09) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.59) by $0.50, Zacks reports.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT traded down $0.32 during mid-day trading on Tuesday, hitting $7.15. 60,911 shares of the stock were exchanged, compared to its average volume of 1,377,103. Cogent Biosciences has a twelve month low of $5.73 and a twelve month high of $12.61. The stock’s fifty day simple moving average is $8.23 and its two-hundred day simple moving average is $9.59. The company has a market cap of $789.25 million, a P/E ratio of -2.90 and a beta of 1.77.

Wall Street Analysts Forecast Growth

COGT has been the topic of several recent research reports. Wedbush reiterated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. HC Wainwright decreased their price objective on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $14.33.

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.