Cogent Biosciences (NASDAQ:COGT) Issues Quarterly Earnings Results, Misses Expectations By $0.11 EPS

Cogent Biosciences (NASDAQ:COGT) announced its quarterly earnings results on Tuesday. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11), Briefing.com reports.

Cogent Biosciences Price Performance

COGT opened at $7.76 on Wednesday. Cogent Biosciences has a 1-year low of $3.67 and a 1-year high of $13.50. The stock has a market cap of $741.93 million, a P/E ratio of -3.23 and a beta of 1.57. The stock’s 50 day simple moving average is $6.74 and its 200 day simple moving average is $6.61.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on COGT. Citigroup boosted their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $8.00 price objective (down previously from $14.00) on shares of Cogent Biosciences in a report on Monday, February 26th. JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 27th. Finally, Wedbush raised their price target on Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $13.67.

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.