Cogent Biosciences (NASDAQ:COGT) PT Raised to $15.00

Cogent Biosciences (NASDAQ:COGT) had its price objective raised by equities researchers at Citigroup from $13.00 to $15.00 in a report released on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Citigroup’s target price indicates a potential upside of 39.02% from the company’s current price.

A number of other equities analysts have also recently commented on COGT. 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 research note on Tuesday, September 3rd. Robert W. Baird increased their target price on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Wedbush reiterated a “neutral” rating and issued a $11.00 price objective (up from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Needham & Company LLC reissued a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a report on Wednesday, August 7th. Finally, JPMorgan Chase & Co. cut their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and an average target price of $15.00.

Cogent Biosciences Stock Performance

NASDAQ COGT traded up $0.14 during trading hours on Tuesday, hitting $10.79. The company had a trading volume of 137,422 shares, compared to its average volume of 1,483,527. The firm has a 50 day simple moving average of $9.83 and a 200 day simple moving average of $8.36. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.14. The firm has a market capitalization of $1.03 billion, a price-to-earnings ratio of -4.34 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the firm posted ($0.59) EPS. On average, research 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 bought and sold shares of COGT. 49 Wealth Management LLC boosted its stake in shares of Cogent Biosciences by 20.5% during the first quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock valued at $91,000 after purchasing an additional 2,236 shares during the period. SkyView Investment Advisors LLC grew its holdings 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 acquiring an additional 2,500 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Cogent Biosciences by 15.3% in the first 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 during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cogent Biosciences by 8.1% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock valued at $352,000 after acquiring an additional 3,912 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Cogent Biosciences by 12.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,211 shares of the technology company’s stock valued at $237,000 after purchasing an additional 4,030 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.