Analysts Set Cogent Biosciences, Inc. (NASDAQ:COGT) PT at $15.00

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have earned an average recommendation of “Moderate Buy” from the seven research firms that are covering the company, MarketBeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $15.00.

COGT has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Wednesday, August 7th. JPMorgan Chase & Co. cut their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Robert W. Baird lifted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Wedbush reissued a “neutral” rating and set a $11.00 price objective (up previously from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Finally, HC Wainwright reduced their target price on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, September 3rd.

Cogent Biosciences Price Performance

NASDAQ:COGT opened at $11.09 on Friday. The company has a market capitalization of $1.06 billion, a P/E ratio of -4.47 and a beta of 1.71. The business has a fifty day simple moving average of $10.26 and a two-hundred day simple moving average of $8.72. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $12.14.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period in the prior year, the firm earned ($0.59) earnings per share. As a group, analysts anticipate that Cogent Biosciences will post -2.25 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SG Americas Securities LLC bought a new stake in shares of Cogent Biosciences during the 3rd quarter valued at about $351,000. Point72 Asset Management L.P. raised its stake in Cogent Biosciences by 56.8% in the second quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock valued at $88,265,000 after purchasing an additional 3,794,150 shares in the last quarter. SkyView Investment Advisors LLC lifted its position in Cogent Biosciences by 25.0% during the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company grew its stake 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 buying an additional 4,528 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C increased its holdings in shares of 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 buying an additional 2,209,918 shares during 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.