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

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

Cogent Biosciences Stock Performance

COGT traded up $0.71 during midday trading on Wednesday, reaching $38.33. The company had a trading volume of 2,428,276 shares, compared to its average volume of 2,049,495. The business has a 50-day moving average of $37.77 and a two-hundred day moving average of $25.76. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.23. Cogent Biosciences has a 1 year low of $3.72 and a 1 year high of $43.73. The company has a market cap of $5.46 billion, a P/E ratio of -23.37 and a beta of 0.45.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the business’s stock in a transaction that occurred on Thursday, January 22nd. The stock was sold at an average price of $36.40, for a total transaction of $127,400,000.00. Following the completion of the transaction, the director directly owned 5,503,418 shares in the company, valued at approximately $200,324,415.20. The trade was a 38.87% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Edward Robinson sold 90,000 shares of Cogent Biosciences stock in a transaction that occurred on Friday, December 26th. The shares were sold at an average price of $38.74, for a total transaction of $3,486,600.00. Following the transaction, the insider directly owned 140,002 shares in the company, valued at $5,423,677.48. This represents a 39.13% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 3,737,642 shares of company stock valued at $136,600,345 in the last 90 days. Corporate insiders own 7.29% of the company’s stock.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Osaic Holdings Inc. increased its holdings in shares of Cogent Biosciences by 41.4% in the 2nd 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 purchased a new position in Cogent Biosciences in the first quarter worth about $36,000. Global Retirement Partners LLC bought a new stake in Cogent Biosciences during the fourth quarter worth approximately $37,000. PNC Financial Services Group Inc. increased its stake in Cogent Biosciences by 414.5% during the fourth 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 raised its position in Cogent Biosciences by 16.1% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,159 shares of the technology company’s stock valued at $77,000 after purchasing an additional 300 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on COGT shares. 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 report on Monday, November 10th. HC Wainwright raised their price target on Cogent Biosciences to $52.00 and gave the stock a “buy” rating in a research note on Tuesday, January 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cogent Biosciences in a report on Monday, December 29th. UBS Group raised Cogent Biosciences to a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Wedbush restated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research note on Wednesday, January 21st. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $40.58.

Cogent Biosciences Company Profile

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.