Cogent Biosciences (NASDAQ:COGT) Releases Quarterly Earnings Results, Misses Estimates By $0.03 EPS

Cogent Biosciences (NASDAQ:COGT) announced its earnings results on Tuesday. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03), Briefing.com reports. During the same quarter last year, the company earned ($0.59) earnings per share.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT traded down $0.63 during trading on Wednesday, hitting $8.63. 746,079 shares of the stock were exchanged, compared to its average volume of 1,605,458. Cogent Biosciences has a 1-year low of $3.67 and a 1-year high of $13.23. The company has a market capitalization of $825.14 million, a price-to-earnings ratio of -3.48 and a beta of 1.71. The company’s fifty day simple moving average is $8.77 and its 200-day simple moving average is $7.48.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on COGT shares. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Wednesday. Wedbush reissued a “neutral” rating and issued a $10.00 price objective on shares of Cogent Biosciences in a research note on Tuesday. HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Cogent Biosciences in a research note on Monday, June 17th. Finally, JPMorgan Chase & Co. cut their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.50.

Cogent Biosciences Company Profile

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.