Cogent Biosciences (NASDAQ:COGT) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research note published on Thursday morning, Benzinga reports. They currently have a $16.00 price objective on the technology company’s stock.

A number of other research firms have also issued reports on COGT. Robert W. Baird boosted their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. HC Wainwright decreased their target price on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. decreased their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, Wedbush restated a “neutral” rating and issued a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Trading Down 0.3 %

COGT stock opened at $11.97 on Thursday. The stock’s fifty day simple moving average is $10.90 and its two-hundred day simple moving average is $9.14. Cogent Biosciences has a 1-year low of $3.67 and a 1-year high of $12.61. The stock has a market cap of $1.14 billion, a P/E ratio of -4.83 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the firm earned ($0.59) earnings per share. As a group, analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,104 shares during the period. 49 Wealth Management LLC lifted its stake in shares of Cogent Biosciences by 20.5% in the 1st quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock valued at $91,000 after purchasing an additional 2,236 shares during the period. SkyView Investment Advisors LLC lifted its stake in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,500 shares during the period. ProShare Advisors LLC lifted its stake in shares of Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock valued at $149,000 after purchasing an additional 2,953 shares during the period. Finally, Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at approximately $32,000.

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.