Compugen (NASDAQ:CGEN) Stock Price Crosses Above Two Hundred Day Moving Average - Here's What Happened

Key Points

• Compugen shares crossed above their 200-day moving average, reaching $2.47 before closing at $2.46, compared with the moving average of $2.42.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $5.00, despite Leerink Partners cutting its target to $5.00 and another firm downgrading the stock to “Hold.”
• Compugen exceeded quarterly expectations, reporting an adjusted loss of $0.07 per share versus the projected $0.08 loss and revenue of $2.60 million versus the $1.28 million consensus estimate.

Compugen Ltd. (NASDAQ:CGEN - Get Free Report)'s share price crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $2.42 and traded as high as $2.47. Compugen shares last traded at $2.46, with a volume of 122,255 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CGEN. Leerink Partners reduced their target price on shares of Compugen from $13.00 to $5.00 and set an "outperform" rating for the company in a research note on Thursday, May 21st. Wall Street Zen lowered shares of Compugen from a "buy" rating to a "hold" rating in a research note on Saturday, May 23rd. HC Wainwright reissued a "buy" rating on shares of Compugen in a report on Tuesday, August 4th. Finally, Weiss Ratings raised Compugen from a "sell (d-)" rating to a "hold (c-)" rating in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, Compugen currently has a consensus rating of "Buy" and an average target price of $5.00.

Compugen Stock Performance

The company has a market capitalization of $232.59 million, a PE ratio of 6.47 and a beta of 2.78. The firm's 50-day simple moving average is $2.45 and its 200 day simple moving average is $2.42.

Compugen (NASDAQ:CGEN - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The biotechnology company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.08) by $0.01. Compugen had a net margin of 47.56% and a return on equity of 42.57%. The business had revenue of $2.60 million during the quarter, compared to the consensus estimate of $1.28 million. During the same quarter last year, the firm posted ($0.08) EPS. As a group, equities analysts anticipate that Compugen Ltd. will post -0.27 earnings per share for the current year.

Hedge Funds Weigh In On Compugen

Several hedge funds and other institutional investors have recently bought and sold shares of CGEN. Renaissance Technologies LLC lifted its holdings in Compugen by 12.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,632,988 shares of the biotechnology company's stock valued at $3,478,000 after purchasing an additional 176,088 shares in the last quarter. Squarepoint Ops LLC acquired a new position in shares of Compugen in the second quarter valued at approximately $110,000. WINTON GROUP Ltd lifted its stake in shares of Compugen by 26.0% during the second quarter. WINTON GROUP Ltd now owns 197,110 shares of the biotechnology company's stock valued at $422,000 after buying an additional 40,614 shares during the period. Hillsdale Investment Management Inc. acquired a new stake in Compugen during the first quarter worth approximately $68,000. Finally, Calamos Advisors LLC purchased a new stake in Compugen in the 1st quarter worth approximately $63,000. 12.22% of the stock is owned by institutional investors and hedge funds.

About Compugen

Compugen Ltd. is an Israeli clinical-stage biopharmaceutical company focused on discovering and developing therapeutics for cancer and other serious diseases. The company uses computational biology, data analysis and related technologies to identify novel drug targets and develop antibody-based medicines, with an emphasis on immuno-oncology.

Compugen's pipeline includes investigational immune checkpoint therapies designed to reactivate anti-tumor immune responses. Its leading programs have included COM701, an antibody targeting PVRIG, and COM902, an antibody targeting TIGIT.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.