JPMorgan Chase & Co. Trims Cogent Biosciences (NASDAQ:COGT) Target Price to $19.00

Cogent Biosciences (NASDAQ:COGT) had its target price lowered by stock analysts at JPMorgan Chase & Co. from $22.00 to $19.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 120.42% from the company’s current price.

Several other research firms have also recently weighed in on COGT. Wedbush reissued a “neutral” rating and issued a $10.00 target price on shares of Cogent Biosciences in a research note on Tuesday. HC Wainwright reissued a “buy” rating and issued a $19.00 price objective on shares of Cogent Biosciences in a research report on Monday, June 17th. Finally, Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research note on Wednesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Cogent Biosciences Trading Down 6.9 %

Shares of NASDAQ COGT traded down $0.64 during mid-day trading on Wednesday, hitting $8.62. The company had a trading volume of 329,088 shares, compared to its average volume of 1,602,696. The firm has a 50-day simple moving average of $8.77 and a two-hundred day simple moving average of $7.48. The company has a market capitalization of $824.16 million, a PE ratio of -3.53 and a beta of 1.71. Cogent Biosciences has a one year low of $3.67 and a one year high of $13.23.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the company posted ($0.59) earnings per share. Sell-side analysts expect that Cogent Biosciences will post -2.19 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cogent Biosciences by 34.0% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,467 shares of the technology company’s stock valued at $285,000 after buying an additional 12,293 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $202,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Cogent Biosciences by 67.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,934 shares of the technology company’s stock worth $111,000 after purchasing an additional 7,606 shares in the last quarter. Fisher Asset Management LLC grew its stake in Cogent Biosciences by 48.1% during the fourth quarter. Fisher Asset Management LLC now owns 101,531 shares of the technology company’s stock worth $597,000 after buying an additional 32,962 shares in the last quarter. Finally, AJOVista LLC acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $45,000.

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.