Cogent Biosciences (NASDAQ:COGT) Issues Earnings Results

Cogent Biosciences (NASDAQ:COGT) posted its earnings results on Thursday. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03), FiscalAI reports.

Cogent Biosciences Stock Up 7.0%

Shares of NASDAQ:COGT traded up $2.07 during trading on Friday, reaching $31.65. The stock had a trading volume of 1,481,732 shares, compared to its average volume of 2,224,450. Cogent Biosciences has a one year low of $13.93 and a one year high of $43.73. The company has a market capitalization of $5.49 billion, a P/E ratio of -14.07 and a beta of 0.36. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. The firm’s 50-day simple moving average is $31.83 and its 200 day simple moving average is $35.52.

Wall Street Analysts Forecast Growth

COGT has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of Cogent Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. HC Wainwright restated a “buy” rating and set a $55.00 target price on shares of Cogent Biosciences in a report on Tuesday, September 15th. Piper Sandler increased their target price on Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, August 17th. Wedbush reiterated an “outperform” rating and issued a $55.00 price target on shares of Cogent Biosciences in a report on Wednesday, September 16th. Finally, Guggenheim lifted their price target on Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $51.56.

About Cogent Biosciences

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses molecular biology and drug-discovery technologies to design therapies intended to target disease-driving mutations while limiting activity in healthy tissues.

Cogent’s lead product candidate is bezuclastinib, also known as CGT9486, an investigational, highly selective inhibitor of the KIT D816V mutation. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both indolent and advanced forms of the disease.

Cogent conducts its research and clinical-development activities primarily in the United States and works with clinical centers and research partners in support of its development programs.