Cogent Biosciences (NASDAQ:COGT) Earns “Buy” Rating from Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reiterated by research analysts at Needham & Company LLC in a report issued on Monday,Benzinga reports. They currently have a $15.00 price objective on the technology company’s stock. Needham & Company LLC’s price target points to a potential upside of 68.73% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. Citigroup boosted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Robert W. Baird lifted their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Monday, November 4th. Finally, Wedbush reissued a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Trading Down 1.1 %

Cogent Biosciences stock opened at $8.89 on Monday. The firm has a market capitalization of $981.99 million, a price-to-earnings ratio of -3.58 and a beta of 1.71. Cogent Biosciences has a 12-month low of $3.67 and a 12-month high of $12.61. The firm has a 50 day moving average of $10.54 and a 200 day moving average of $9.76.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the firm earned ($0.64) EPS. On average, analysts predict that Cogent Biosciences will post -2.4 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. raised its holdings in Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after acquiring an additional 8,310,150 shares in the last quarter. FMR LLC raised its holdings in shares of Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after purchasing an additional 625,743 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in shares of Cogent Biosciences by 144.0% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after purchasing an additional 2,209,918 shares during the last quarter. Sofinnova Investments Inc. grew its stake in shares of Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in Cogent Biosciences by 15.1% in the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after buying an additional 300,062 shares in the last quarter.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor designed to target mutations within the KIT receptor tyrosine kinase, including KIT D816V KIT D816V mutation that drives systemic mastocytosis, as well as other mutations in KIT exon 17, which are found in patients with advanced gastrointestinal stromal tumors.