Leerink Partnrs Has Positive Outlook of COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at Leerink Partnrs boosted their FY2024 earnings per share (EPS) estimates for shares of Cogent Biosciences in a research note issued on Wednesday, November 13th. Leerink Partnrs analyst A. Berens now anticipates that the technology company will post earnings of ($2.53) per share for the year, up from their previous estimate of ($2.56). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.40) per share. Leerink Partnrs also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.67) EPS, FY2025 earnings at ($2.41) EPS and FY2026 earnings at ($1.33) EPS.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data 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 period last year, the company earned ($0.64) EPS.

A number of other research firms have also recently commented on COGT. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Monday, November 4th. Robert W. Baird increased their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Wedbush reiterated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, November 12th. Citigroup increased their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Finally, Needham & Company LLC cut their price target on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Stock Performance

COGT opened at $9.06 on Monday. The firm’s fifty day moving average is $10.92 and its two-hundred day moving average is $9.61. The firm has a market cap of $1.00 billion, a PE ratio of -3.65 and a beta of 1.72. Cogent Biosciences has a twelve month low of $3.67 and a twelve month high of $12.61.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after acquiring an additional 300,062 shares in the last quarter. Barclays PLC grew its position in Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after purchasing an additional 97,541 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Cogent Biosciences in the third quarter valued at $488,000. Wellington Management Group LLP increased its stake in Cogent Biosciences by 8.0% in the 3rd quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company’s stock valued at $3,697,000 after buying an additional 25,470 shares during the last quarter. Finally, Cinctive Capital Management LP lifted its position in Cogent Biosciences by 91.6% during the 3rd quarter. Cinctive Capital Management LP now owns 330,419 shares of the technology company’s stock worth $3,569,000 after buying an additional 157,969 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.