Cogent Biosciences, Inc. (NASDAQ:COGT) Given Average Recommendation of “Moderate Buy” by Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT) has been assigned an average recommendation of “Moderate Buy” from the seven ratings firms that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $14.67.

Several equities analysts have recently weighed in on COGT shares. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Cogent Biosciences in a report on Thursday. Finally, Wedbush reissued a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a research note on Friday, May 24th.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $8.44 on Friday. The firm’s fifty day moving average is $7.85 and its two-hundred day moving average is $6.72. The firm has a market cap of $806.95 million, a price-to-earnings ratio of -3.40 and a beta of 1.60. Cogent Biosciences has a one year low of $3.67 and a one year high of $13.36.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Tuesday, May 7th. The technology company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.11). As a group, equities research analysts predict that Cogent Biosciences will post -2.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. FMR LLC boosted its holdings in Cogent Biosciences by 1,322.5% in the 3rd quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after buying an additional 4,248,521 shares during the last quarter. Kynam Capital Management LP lifted its position in shares of Cogent Biosciences by 164.9% in the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after acquiring an additional 3,644,641 shares in the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cogent Biosciences by 12,785.8% in the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after acquiring an additional 2,083,065 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cogent Biosciences by 27.1% during the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after purchasing an additional 1,231,050 shares in the last quarter. Finally, Redmile Group LLC raised its stake in Cogent Biosciences by 36.0% in the 1st quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock valued at $26,629,000 after purchasing an additional 1,048,580 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.