Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Average Rating of “Moderate Buy” from Analysts

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $14.67.

Several equities analysts recently weighed in on COGT shares. Citigroup raised their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Robert W. Baird increased their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Needham & Company LLC reissued a “buy” rating and set a $16.00 target price on shares of Cogent Biosciences in a research report on Thursday, October 24th. JPMorgan Chase & Co. dropped their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, HC Wainwright dropped their price objective on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd.

Cogent Biosciences Price Performance

NASDAQ COGT opened at $12.01 on Thursday. The company has a 50 day simple moving average of $11.01 and a 200-day simple moving average of $9.24. The firm has a market capitalization of $1.15 billion, a price-to-earnings ratio of -4.84 and a beta of 1.71. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same period last year, the firm earned ($0.59) EPS. On average, analysts predict that Cogent Biosciences will post -2.25 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its holdings in Cogent Biosciences by 124.5% during 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 acquiring an additional 8,310,150 shares during the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Cogent Biosciences during the 2nd quarter worth about $1,077,000. Sofinnova Investments Inc. grew its holdings in Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after acquiring an additional 372,515 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its stake in shares of Cogent Biosciences by 144.0% in 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 purchasing an additional 2,209,918 shares during 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.