Cogent Biosciences (NASDAQ:COGT) Given Buy Rating at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a report published on Thursday, Benzinga reports. The firm currently has a $16.00 price objective on the technology company’s stock.

Other equities analysts have also issued reports about the company. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. cut their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. 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 research report on Tuesday, September 24th. HC Wainwright decreased their price target 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. Finally, Robert W. Baird upped their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Stock Up 1.9 %

Shares of COGT traded up $0.23 during mid-day trading on Thursday, hitting $12.24. 11,149 shares of the company’s stock were exchanged, compared to its average volume of 1,425,685. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.61. The firm has a market cap of $1.17 billion, a price-to-earnings ratio of -4.84 and a beta of 1.71. The stock’s 50-day simple moving average is $10.84 and its 200-day simple moving average is $9.07.

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 the consensus estimate of ($0.56) by ($0.03). During the same period last year, the business posted ($0.59) EPS. Analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cogent Biosciences by 8.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock worth $352,000 after acquiring an additional 3,912 shares in the last quarter. Swiss National Bank raised its holdings in Cogent Biosciences by 33.9% in the 1st quarter. Swiss National Bank now owns 124,000 shares of the technology company’s stock worth $833,000 after purchasing an additional 31,400 shares in the last quarter. 49 Wealth Management LLC boosted its holdings in shares of Cogent Biosciences by 20.5% during the 1st quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock valued at $91,000 after buying an additional 2,236 shares in the last quarter. Russell Investments Group Ltd. increased its position in Cogent Biosciences by 234.5% during the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock valued at $67,000 after buying an additional 7,020 shares in the last quarter. Finally, ProShare Advisors LLC boosted its stake in Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after purchasing an additional 2,953 shares in 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.