HC Wainwright Has Bearish Forecast for COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at HC Wainwright cut their FY2024 earnings per share (EPS) estimates for shares of Cogent Biosciences in a research note issued on Wednesday, December 11th. HC Wainwright analyst R. Burns now anticipates that the technology company will post earnings of ($2.50) per share for the year, down from their previous estimate of ($2.37). HC Wainwright currently has a “Buy” rating on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.42) per share. HC Wainwright also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.64) EPS, Q1 2025 earnings at ($0.65) EPS, Q2 2025 earnings at ($0.66) EPS, Q3 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.65) EPS.

Cogent Biosciences (NASDAQ:COGT) last posted its 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 period in the previous year, the company posted ($0.64) earnings per share.

A number of other analysts have also commented on the company. Wedbush restated a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, November 12th. JPMorgan Chase & Co. boosted their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Citigroup lifted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Needham & Company LLC lowered shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, Robert W. Baird upped their target price on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $8.15 on Friday. The company’s 50 day moving average price is $10.36 and its two-hundred day moving average price is $9.78. Cogent Biosciences has a 52 week low of $4.28 and a 52 week high of $12.61.

Institutional Trading of Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences during the third quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after purchasing an additional 1,104 shares during the period. nVerses Capital LLC purchased a new stake in Cogent Biosciences during the third quarter valued at about $76,000. Quest Partners LLC bought a new position in Cogent Biosciences in the 2nd quarter worth approximately $89,000. Finally, SkyView Investment Advisors LLC lifted its position in shares of Cogent Biosciences by 25.0% during the second 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 in 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.