Cogent Biosciences (NASDAQ:COGT) Releases Earnings Results

Key Points

• Cogent reported an EPS loss of ($0.60) versus the consensus ($0.53), missing by $0.07, and the stock dipped $0.42 to $36.31 on light trading volume (43,812 vs. avg 2,066,934); the company has a market cap of $6.20 billion and a negative P/E of -16.7.
• Large institutions increased exposure recently—Wellington Management added about 2.31 million shares to hold 2.71 million, Invesco boosted its stake by 57.3%, and several other firms opened sizable new positions.
• Wall Street sentiment is broadly positive with a consensus rating of Moderate Buy and a consensus target of $43.45, while individual price targets range up to $55.00.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) issued its earnings results on Tuesday. The technology company reported ($0.60) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.07), reports.

Cogent Biosciences Price Performance

Cogent Biosciences stock traded down $0.42 during trading hours on Tuesday, hitting $36.31. The stock had a trading volume of 43,812 shares, compared to its average volume of 2,066,934. The company has a debt-to-equity ratio of 0.41, a current ratio of 14.23 and a quick ratio of 14.23. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of -16.70 and a beta of 0.37. Cogent Biosciences has a 1-year low of $4.55 and a 1-year high of $43.73. The stock's fifty day moving average is $36.47 and its two-hundred day moving average is $34.40.

Institutional Trading of Cogent Biosciences

A number of large investors have recently made changes to their positions in the stock. Invesco Ltd. boosted its stake in shares of Cogent Biosciences by 57.3% during the fourth quarter. Invesco Ltd. now owns 585,765 shares of the technology company's stock valued at $20,806,000 after acquiring an additional 213,495 shares during the last quarter. Mackenzie Financial Corp acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth about $318,000. Voloridge Investment Management LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth about $23,762,000. Squadron Capital Management LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth about $27,706,000. Finally, Wellington Management Group LLP raised its position in shares of Cogent Biosciences by 566.6% in the fourth quarter. Wellington Management Group LLP now owns 2,712,336 shares of the technology company's stock valued at $96,342,000 after buying an additional 2,305,437 shares during the last quarter.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on COGT. Robert W. Baird set a $35.00 target price on shares of Cogent Biosciences in a report on Thursday, February 19th. Jefferies Financial Group assumed coverage on shares of Cogent Biosciences in a research note on Monday, March 16th. They set a "buy" rating and a $55.00 price target for the company. UBS Group raised shares of Cogent Biosciences to a "strong-buy" rating in a report on Wednesday, January 7th. Piper Sandler upped their price objective on Cogent Biosciences from $39.00 to $52.00 and gave the stock an "overweight" rating in a report on Wednesday, February 18th. Finally, HC Wainwright increased their target price on shares of Cogent Biosciences to $52.00 and gave the company a "buy" rating in a report on Tuesday, January 6th. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $43.45.

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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