Wedbush Reiterates “Neutral” Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “neutral” rating reissued by Wedbush in a research note issued on Tuesday,RTT News reports. They presently have a $11.00 target price on the technology company’s stock. Wedbush’s target price would indicate a potential upside of 5.77% from the company’s current price.

COGT has been the subject of several other reports. Needham & Company LLC reissued a “buy” rating and issued a $16.00 price target on shares of Cogent Biosciences in a report on Thursday, October 24th. HC Wainwright reissued a “buy” rating and set a $17.00 price objective on shares of Cogent Biosciences in a research note on Monday, November 4th. Robert W. Baird upped their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Citigroup lifted their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. decreased their price objective 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. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.50.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $10.40 on Tuesday. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $12.61. The business’s fifty day moving average is $11.06 and its 200 day moving average is $9.53. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of -4.19 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the previous year, the company posted ($0.64) earnings per share. Equities analysts predict that Cogent Biosciences will post -2.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently modified their holdings of the company. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Cogent Biosciences in the 2nd quarter worth approximately $1,077,000. Sofinnova Investments Inc. boosted its stake in shares of Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after purchasing an additional 372,515 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Cogent Biosciences by 12,785.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C raised 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 period.

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.