Cogent Biosciences (NASDAQ:COGT) Stock Crosses Above Fifty Day Moving Average After Earnings Miss

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price passed above its fifty day moving average during trading on Monday following a better than expected earnings announcement. The stock has a fifty day moving average of $31.80 and traded as high as $34.04. Cogent Biosciences shares last traded at $33.54, with a volume of 1,689,724 shares.

The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03).

Wall Street Analyst Weigh In

Several research analysts have issued reports on COGT shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a report on Friday, October 2nd. HC Wainwright boosted their price objective on Cogent Biosciences from $55.00 to $56.00 and gave the stock a “buy” rating in a report on Monday. Wedbush reissued an “outperform” rating and set a $55.00 price objective on shares of Cogent Biosciences in a report on Wednesday, September 16th. Wall Street Zen downgraded Cogent Biosciences from a “hold” rating to a “sell” rating in a research note on Saturday, September 5th. Finally, Piper Sandler raised their target price on Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, August 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $51.67.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC increased its position in shares of Cogent Biosciences by 2.8% during the third quarter. Allspring Global Investments Holdings LLC now owns 15,078 shares of the technology company’s stock valued at $476,000 after acquiring an additional 405 shares during the last quarter. J.Safra Asset Management Corp purchased a new position in Cogent Biosciences in the second quarter worth $27,000. Integrated Wealth Concepts LLC purchased a new position in Cogent Biosciences in the second quarter worth $29,000. EverSource Wealth Advisors LLC grew its stake in Cogent Biosciences by 127.5% in the 1st quarter. EverSource Wealth Advisors LLC now owns 1,611 shares of the technology company’s stock valued at $62,000 after purchasing an additional 903 shares during the period. Finally, Parallel Advisors LLC bought a new position in Cogent Biosciences in the 1st quarter valued at $39,000.

Cogent Biosciences Trading Up 6.0%

The stock has a market capitalization of $5.82 billion, a PE ratio of -14.91 and a beta of 0.36. The firm has a 50-day moving average price of $31.80 and a 200-day moving average price of $35.48. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biotechnology company developing precision medicines for diseases driven by specific genetic mutations. Its research focuses on targeted therapies intended to address the underlying causes of these conditions.

The company’s lead investigational medicine, bezuclastinib, is a selective inhibitor of the KIT protein. Cogent has studied it in clinical programs for systemic mastocytosis and gastrointestinal stromal tumors (GIST), conditions in which abnormal KIT signaling can play a role.