Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $14.67 Average PT from Analysts

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have been assigned an average rating of “Moderate Buy” from the seven research firms that are covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $14.67.

A number of research analysts have issued reports on COGT shares. Wedbush restated a “neutral” rating and set a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. decreased their target price 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. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a report on Wednesday, August 7th. HC Wainwright cut their price target on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd. Finally, Robert W. Baird upped their price target 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.

Cogent Biosciences Stock Performance

Shares of COGT opened at $10.63 on Wednesday. The firm’s 50-day simple moving average is $9.62 and its 200 day simple moving average is $8.20. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.14. The firm has a market cap of $1.16 billion, a P/E ratio of -4.29 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last announced its 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 in the previous year, the business posted ($0.59) EPS. As a group, equities analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. lifted its stake in Cogent Biosciences by 56.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock valued at $88,265,000 after purchasing an additional 3,794,150 shares during the last quarter. SkyView Investment Advisors LLC lifted its stake in 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 last quarter. The Manufacturers Life Insurance Company lifted its stake in Cogent Biosciences by 14.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock valued at $301,000 after purchasing an additional 4,528 shares during the last quarter. Deerfield Management Company L.P. Series C lifted its stake in 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. Finally, Cubist Systematic Strategies LLC lifted its stake in Cogent Biosciences by 34.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock valued at $1,135,000 after purchasing an additional 34,655 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.