Wedbush Has Bearish Estimate for COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at Wedbush cut their FY2024 earnings estimates for shares of Cogent Biosciences in a report issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now expects that the technology company will post earnings per share of ($2.40) for the year, down from their prior forecast of ($2.09). Wedbush has a “Neutral” rating and a $11.00 price objective on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.29) per share. Wedbush also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.55) EPS, Q1 2025 earnings at ($0.47) EPS, Q2 2025 earnings at ($0.44) EPS, Q3 2025 earnings at ($0.43) EPS, Q4 2025 earnings at ($0.42) EPS, FY2025 earnings at ($1.76) EPS, FY2026 earnings at ($1.46) EPS and FY2027 earnings at ($1.17) EPS.

COGT has been the topic of several other reports. Citigroup boosted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. HC Wainwright reiterated a “buy” rating and issued a $17.00 price objective on shares of Cogent Biosciences in a report on Monday, November 4th. Robert W. Baird raised their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Needham & Company LLC decreased their price target on Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Trading Down 7.8 %

Shares of COGT opened at $8.90 on Friday. Cogent Biosciences has a 12-month low of $3.67 and a 12-month high of $12.61. The firm has a market capitalization of $974.11 million, a P/E ratio of -3.59 and a beta of 1.72. The firm has a 50-day moving average price of $10.99 and a 200 day moving average price of $9.55.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the prior year, the firm posted ($0.64) earnings per share.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Cogent Biosciences by 8.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock valued at $352,000 after purchasing an additional 3,912 shares in the last quarter. Swiss National Bank grew its stake in shares of Cogent Biosciences by 33.9% in the first quarter. Swiss National Bank now owns 124,000 shares of the technology company’s stock worth $833,000 after acquiring an additional 31,400 shares in the last quarter. Russell Investments Group Ltd. increased its position in shares of Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after acquiring an additional 7,020 shares during the period. ProShare Advisors LLC raised its stake in shares of Cogent Biosciences by 15.3% in the first quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock valued at $149,000 after acquiring an additional 2,953 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in Cogent Biosciences in the first quarter valued at $213,000.

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.