Cogent Biosciences (NASDAQ:COGT) Announces Quarterly Earnings Results, Misses Estimates By $0.04 EPS

Cogent Biosciences (NASDAQ:COGT) announced its earnings results on Tuesday. The technology company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.04), Zacks reports.

Cogent Biosciences Stock Up 1.9%

Shares of NASDAQ COGT opened at $38.35 on Thursday. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.23. The firm has a market cap of $5.46 billion, a PE ratio of -17.75 and a beta of 0.45. The company’s fifty day simple moving average is $37.75 and its 200 day simple moving average is $25.85. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $43.73.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Wall Street Zen downgraded Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Jefferies Financial Group restated a “buy” rating and set a $48.00 price target on shares of Cogent Biosciences in a report on Monday, December 8th. Piper Sandler boosted their price target on shares of Cogent Biosciences from $39.00 to $52.00 and gave the stock an “overweight” rating in a research report on Wednesday. Stifel Nicolaus raised shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Monday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cogent Biosciences in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.58.

Insider Activity at Cogent Biosciences

In other news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the firm’s stock in a transaction dated Thursday, January 22nd. The stock was sold at an average price of $36.40, for a total value of $127,400,000.00. Following the completion of the sale, the director directly owned 5,503,418 shares in the company, valued at $200,324,415.20. This trade represents a 38.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider John Edward Robinson sold 90,000 shares of the business’s stock in a transaction dated Friday, December 26th. The shares were sold at an average price of $38.74, for a total value of $3,486,600.00. Following the completion of the sale, the insider directly owned 140,002 shares of the company’s stock, valued at $5,423,677.48. The trade was a 39.13% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,737,642 shares of company stock valued at $136,600,345. 7.29% of the stock is currently owned by company insiders.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently bought and sold shares of COGT. Osaic Holdings Inc. raised its holdings in Cogent Biosciences by 41.4% during the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after buying an additional 1,333 shares during the last quarter. Strs Ohio bought a new stake in shares of Cogent Biosciences during the first quarter worth about $36,000. Global Retirement Partners LLC acquired a new stake in shares of Cogent Biosciences in the 4th quarter worth about $37,000. PNC Financial Services Group Inc. raised its holdings in shares of Cogent Biosciences by 414.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock worth $46,000 after acquiring an additional 1,032 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC lifted its position in 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.

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.