HC Wainwright Lowers Cogent Biosciences (NASDAQ:COGT) Price Target to $14.00

Cogent Biosciences (NASDAQ:COGT) had its price objective lowered by HC Wainwright from $17.00 to $14.00 in a report published on Tuesday morning,Benzinga reports. HC Wainwright currently has a buy rating on the technology company’s stock.

Several other research firms have also issued reports on COGT. Wedbush restated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Monday. Citigroup raised their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. lifted their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Performance

Shares of COGT opened at $7.37 on Tuesday. Cogent Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $12.61. The firm has a 50 day moving average price of $8.74 and a 200-day moving average price of $9.69. The firm has a market cap of $814.10 million, a price-to-earnings ratio of -2.97 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period last year, the company earned ($0.64) EPS. As a group, equities research analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. raised its holdings in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Barclays PLC increased its position in shares of Cogent Biosciences by 124.8% during the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after buying an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after buying an additional 139,096 shares in the last quarter. Sofinnova Investments Inc. lifted its holdings in Cogent Biosciences by 15.5% in the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares during the period. Finally, Deerfield Management Company L.P. Series C boosted its position in 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 valued at $31,564,000 after acquiring an additional 2,209,918 shares in the last quarter.

About Cogent Biosciences

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.