Cogent Biosciences (NASDAQ:COGT) Issues Quarterly Earnings Results

Cogent Biosciences (NASDAQ:COGT) released its quarterly earnings data on Tuesday. The technology company reported ($0.53) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.53), FiscalAI reports.

Cogent Biosciences Stock Down 0.4%

Shares of COGT traded down $0.15 during mid-day trading on Wednesday, hitting $36.83. The company’s stock had a trading volume of 253,907 shares, compared to its average volume of 2,065,078. The company’s 50-day moving average is $36.46 and its 200-day moving average is $34.55. Cogent Biosciences has a 52-week low of $4.55 and a 52-week high of $43.73. The firm has a market capitalization of $6.29 billion, a price-to-earnings ratio of -17.05 and a beta of 0.37. The company has a current ratio of 14.23, a quick ratio of 14.23 and a debt-to-equity ratio of 0.41.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the business. Landscape Capital Management L.L.C. purchased a new stake in shares of Cogent Biosciences in the 4th quarter worth approximately $243,000. Aigen Investment Management LP purchased a new stake in shares of Cogent Biosciences during the 4th quarter worth $201,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Cogent Biosciences during the 3rd quarter worth $199,000. Victory Capital Management Inc. lifted its stake in shares of Cogent Biosciences by 15.5% during the 3rd quarter. Victory Capital Management Inc. now owns 12,954 shares of the technology company’s stock worth $186,000 after purchasing an additional 1,742 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of Cogent Biosciences during the 3rd quarter worth $163,000.

Analyst Ratings Changes

Several research firms have issued reports on COGT. Jefferies Financial Group began coverage on shares of Cogent Biosciences in a research report on Monday, March 16th. They issued a “buy” rating and a $55.00 price objective for the company. Wall Street Zen cut shares of Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, January 31st. Robert W. Baird set a $35.00 price objective on shares of Cogent Biosciences in a research report on Thursday, February 19th. Wedbush reiterated an “outperform” rating and issued a $55.00 target price on shares of Cogent Biosciences in a report on Tuesday, March 17th. Finally, UBS Group upgraded Cogent Biosciences to a “strong-buy” rating in a report on Wednesday, January 7th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $43.73.

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.