Cogent Biosciences (NASDAQ:COGT) Given New $17.00 Price Target at HC Wainwright

Cogent Biosciences (NASDAQ:COGT) had its target price cut by HC Wainwright from $19.00 to $17.00 in a research report released on Tuesday, Benzinga reports. They currently have a buy rating on the technology company’s stock.

COGT has been the topic of a number of other research reports. Wedbush restated a neutral rating and issued a $10.00 target price on shares of Cogent Biosciences in a research note on Tuesday, August 6th. JPMorgan Chase & Co. cut 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 note on Wednesday, August 7th. Finally, Needham & Company LLC restated a buy rating and issued a $18.00 target price on shares of Cogent Biosciences in a research note on Wednesday, August 7th. 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 stock has a consensus rating of Moderate Buy and an average price target of $14.33.

Cogent Biosciences Price Performance

Shares of COGT stock opened at $10.95 on Tuesday. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $13.23. The firm has a market capitalization of $1.05 billion, a P/E ratio of -4.42 and a beta of 1.71. The company’s fifty day moving average price is $9.24 and its two-hundred day moving average price is $8.05.

Cogent Biosciences (NASDAQ:COGT) last issued 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 quarter last year, the business posted ($0.59) EPS. On average, sell-side analysts anticipate that Cogent Biosciences will post -2.26 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. grew its position in shares of Cogent Biosciences by 56.8% during 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 buying an additional 3,794,150 shares during the last quarter. SkyView Investment Advisors LLC grew its position 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 worth $105,000 after purchasing an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company grew its position 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 worth $301,000 after purchasing an additional 4,528 shares during the last quarter. Deerfield Management Company L.P. Series C grew its position 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 worth $31,564,000 after purchasing an additional 2,209,918 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its position 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 worth $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.