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

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price crossed above its fifty day moving average during trading on Monday after the company announced better than expected quarterly earnings. 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 changing hands.

The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03).

Analysts Set New Price Targets

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

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently made changes to their positions in the company. J.Safra Asset Management Corp bought a new position in Cogent Biosciences in the 2nd quarter valued at approximately $27,000. Integrated Wealth Concepts LLC bought a new stake in Cogent Biosciences during the 2nd quarter worth approximately $29,000. Parallel Advisors LLC bought a new stake in Cogent Biosciences during the 1st quarter worth approximately $39,000. Quantbot Technologies LP acquired a new position in Cogent Biosciences in the 2nd quarter valued at approximately $53,000. Finally, EverSource Wealth Advisors LLC raised its stake in shares of Cogent Biosciences by 127.5% during the first quarter. EverSource Wealth Advisors LLC now owns 1,611 shares of the technology company’s stock valued at $62,000 after acquiring an additional 903 shares during the last quarter.

Cogent Biosciences Price Performance

The company’s 50 day moving average price is $31.80 and its 200-day moving average price is $35.48. The stock has a market cap of $5.82 billion, a P/E ratio of -14.91 and a beta of 0.36. The company has a quick ratio of 13.57, a current 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.