Mirae Asset Global Investments Co. Ltd. Raises Stock Position in Cogent Biosciences, Inc. (NASDAQ:COGT)

Mirae Asset Global Investments Co. Ltd. increased its stake in Cogent Biosciences, Inc. (NASDAQ:COGT) by 38.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 3,959 shares of the technology company’s stock after buying an additional 1,104 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Cogent Biosciences were worth $43,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Values First Advisors Inc. purchased a new stake in Cogent Biosciences in the third quarter worth approximately $32,000. Assenagon Asset Management S.A. raised its position in Cogent Biosciences by 1.1% in the third quarter. Assenagon Asset Management S.A. now owns 607,208 shares of the technology company’s stock worth $6,558,000 after acquiring an additional 6,444 shares during the period. Hennion & Walsh Asset Management Inc. raised its position in Cogent Biosciences by 34.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 171,999 shares of the technology company’s stock worth $1,858,000 after acquiring an additional 44,287 shares during the period. nVerses Capital LLC bought a new position in Cogent Biosciences in the third quarter worth approximately $76,000. Finally, Creative Planning raised its position in Cogent Biosciences by 29.6% in the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock worth $155,000 after acquiring an additional 3,272 shares during the period.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on COGT shares. Wedbush reiterated a “neutral” rating and issued a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Robert W. Baird increased their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. HC Wainwright restated a “buy” rating and set a $17.00 price objective on shares of Cogent Biosciences in a research report on Monday. Needham & Company LLC restated a “buy” rating and set a $16.00 price objective on shares of Cogent Biosciences in a research report on Thursday, October 24th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.67.

Cogent Biosciences Stock Performance

COGT opened at $9.99 on Wednesday. The stock has a market capitalization of $1.09 billion, a price-to-earnings ratio of -4.02 and a beta of 1.72. The company has a fifty day moving average of $11.11 and a 200 day moving average of $9.37. Cogent Biosciences, Inc. has a fifty-two week low of $3.67 and a fifty-two week high of $12.61.

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

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.