Cogent Biosciences (NASDAQ:COGT) Announces Earnings Results

Key Points

• Cogent Biosciences reported a quarterly loss of $0.54 per share, narrowly beating analysts’ consensus estimate of a $0.55 loss.
• COGT opened at $42.39, near its 52-week high of $43.73, with a market capitalization of approximately $7.24 billion. The stock’s consensus analyst rating is “Moderate Buy”, with an average price target of $45.90.
• Institutional ownership has increased, including significant stake additions by AQR Capital Management, Goldman Sachs and Jane Street. Cogent is developing an oral CSF1R inhibitor for solid tumors and remains in early-stage clinical trials.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) released its earnings results on Monday. The technology company reported ($0.54) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.01, FiscalAI reports.

Cogent Biosciences Stock Performance

COGT stock opened at $42.39 on Monday. The company has a 50 day moving average price of $37.39 and a 200 day moving average price of $36.65. Cogent Biosciences has a fifty-two week low of $10.70 and a fifty-two week high of $43.73. The company has a debt-to-equity ratio of 0.41, a current ratio of 15.14 and a quick ratio of 15.14. The stock has a market capitalization of $7.24 billion, a PE ratio of -19.53 and a beta of 0.38.

Analysts Set New Price Targets

A number of brokerages recently commented on COGT. Weiss Ratings restated a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. HC Wainwright upped their price objective on Cogent Biosciences to $55.00 and gave the company a "buy" rating in a research note on Wednesday, May 6th. Finally, Wedbush reissued an "outperform" rating and set a $55.00 price objective on shares of Cogent Biosciences in a report on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $45.90.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. AQR Capital Management LLC grew its position in shares of Cogent Biosciences by 482.6% during the 1st quarter. AQR Capital Management LLC now owns 160,767 shares of the technology company's stock worth $963,000 after buying an additional 133,174 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Cogent Biosciences by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock valued at $377,000 after buying an additional 3,693 shares during the period. Goldman Sachs Group Inc. boosted its stake in Cogent Biosciences by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock valued at $5,924,000 after acquiring an additional 124,069 shares during the last quarter. Jane Street Group LLC boosted its stake in Cogent Biosciences by 66.2% in the first quarter. Jane Street Group LLC now owns 123,822 shares of the technology company's stock valued at $742,000 after acquiring an additional 49,338 shares during the last quarter. Finally, Strs Ohio bought a new position in Cogent Biosciences in the first quarter valued at approximately $36,000.

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.

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