Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Consensus Rating of “Moderate Buy” from Analysts

Cogent Biosciences, Inc. (NASDAQ:COGT) has been given an average recommendation of “Moderate Buy” by the seven brokerages that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $14.67.

COGT has been the topic of a number of research analyst reports. Wedbush reiterated a “neutral” rating and set a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their price objective on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup upped their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Cogent Biosciences in a research report on Thursday, October 24th. Finally, HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Monday.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. increased its stake in Cogent Biosciences by 124.5% during 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 acquiring an additional 8,310,150 shares during the last quarter. Kynam Capital Management LP increased its stake in Cogent Biosciences by 45.2% during the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after acquiring an additional 2,645,234 shares during the last quarter. Deerfield Management Company L.P. Series C increased its stake in Cogent Biosciences by 144.0% during the second 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 acquiring an additional 2,209,918 shares during the last quarter. Janus Henderson Group PLC grew its stake in shares of Cogent Biosciences by 12,785.8% in the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after buying an additional 2,083,065 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock valued at $38,746,000 after buying an additional 1,231,050 shares in the last quarter.

Cogent Biosciences Stock Performance

COGT opened at $11.87 on Thursday. The business’s fifty day moving average is $11.11 and its two-hundred day moving average is $9.37. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -4.79 and a beta of 1.72. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last posted its 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 period in the prior year, the firm posted ($0.59) earnings per share. On average, analysts predict that Cogent Biosciences will post -2.25 EPS for the current fiscal year.

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.