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

Cogent Biosciences (NASDAQ:COGT) posted its quarterly earnings data on Monday. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.03, FiscalAI reports.

Cogent Biosciences Stock Down 2.0%

Shares of NASDAQ COGT opened at $41.53 on Tuesday. The company has a quick ratio of 15.14, a current ratio of 15.14 and a debt-to-equity ratio of 0.41. The company has a market cap of $7.10 billion, a P/E ratio of -19.14 and a beta of 0.38. Cogent Biosciences has a 52 week low of $10.72 and a 52 week high of $43.73. The business has a 50-day simple moving average of $37.53 and a two-hundred day simple moving average of $36.66.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the company. Steward Partners Investment Advisory LLC raised its holdings in shares of Cogent Biosciences by 16.1% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 2,159 shares of the technology company’s stock valued at $77,000 after acquiring an additional 300 shares in the last quarter. Xponance LLC increased its position in shares of Cogent Biosciences by 7.9% in the fourth quarter. Xponance LLC now owns 10,944 shares of the technology company’s stock worth $389,000 after purchasing an additional 802 shares during the last quarter. PNC Financial Services Group Inc. increased its position in shares of Cogent Biosciences by 414.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock worth $46,000 after purchasing an additional 1,032 shares during the last quarter. Global Retirement Partners LLC purchased a new stake in Cogent Biosciences in the fourth quarter valued at approximately $37,000. Finally, Osaic Holdings Inc. raised its stake in Cogent Biosciences by 41.4% in the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after purchasing an additional 1,333 shares in the last quarter.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research note on Friday, May 29th. HC Wainwright increased their target price on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a research report on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Two investment analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $45.90.

About Cogent Biosciences

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.