Cogent Biosciences (NASDAQ:COGT) Posts Quarterly Earnings Results, Misses Expectations By $0.07 EPS

Cogent Biosciences (NASDAQ:COGT) released its earnings results on Tuesday. The technology company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07), Briefing.com reports. During the same period last year, the business earned ($0.64) earnings per share.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT opened at $10.38 on Wednesday. The company’s fifty day moving average is $11.08 and its 200-day moving average is $9.53. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.61. The company has a market capitalization of $1.14 billion, a PE ratio of -4.19 and a beta of 1.72.

Wall Street Analysts Forecast Growth

COGT has been the subject of a number of research reports. JPMorgan Chase & Co. reduced their price objective on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Robert W. Baird lifted their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Needham & Company LLC lowered their price target on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. Citigroup raised their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, HC Wainwright reissued a “buy” rating and issued a $17.00 target price on shares of Cogent Biosciences in a research note on Monday, November 4th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

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.