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

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

Cogent Biosciences Stock Performance

Shares of COGT traded down $0.32 during trading hours on Tuesday, reaching $7.15. 60,911 shares of the company traded hands, compared to its average volume of 1,377,103. Cogent Biosciences has a 1-year low of $5.73 and a 1-year high of $12.61. The stock has a market cap of $789.25 million, a P/E ratio of -2.90 and a beta of 1.77. The stock’s fifty day moving average is $8.23 and its 200 day moving average is $9.59.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. HC Wainwright lowered their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research report on Monday, January 13th. Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.