What is HC Wainwright’s Forecast for COGT FY2024 Earnings?

Cogent Biosciences, Inc. (NASDAQ:COGT) – Equities researchers at HC Wainwright dropped their FY2024 earnings estimates for Cogent Biosciences in a note issued to investors on Wednesday, December 11th. HC Wainwright analyst R. Burns now anticipates that the technology company will post earnings per share of ($2.50) for the year, down from their prior estimate of ($2.37). HC Wainwright has a “Buy” rating on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.40) per share. HC Wainwright also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.64) EPS, Q1 2025 earnings at ($0.65) EPS, Q2 2025 earnings at ($0.66) EPS, Q3 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.65) EPS.

A number of other analysts have also recently weighed in on the stock. Robert W. Baird raised their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. lifted their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Citigroup lifted 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. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, November 12th. Finally, Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Trading Down 2.3 %

COGT stock opened at $8.15 on Friday. Cogent Biosciences has a twelve month low of $4.28 and a twelve month high of $12.61. The company’s 50 day moving average is $10.36 and its two-hundred day moving average is $9.77. The stock has a market cap of $900.25 million, a P/E ratio of -3.29 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the business earned ($0.64) EPS.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. grew its position 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 valued at $126,335,000 after buying an additional 8,310,150 shares during the last quarter. FMR LLC grew its position in Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after buying an additional 625,743 shares during the last quarter. Deerfield Management Company L.P. Series C boosted its position in shares of 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 worth $31,564,000 after purchasing an additional 2,209,918 shares in the last quarter. Sofinnova Investments Inc. boosted its position in shares of 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 purchasing an additional 372,515 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in shares of Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after purchasing an additional 300,062 shares in the last quarter.

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.