Cogent Biosciences’ (COGT) “Buy” Rating Reiterated at HC Wainwright

HC Wainwright reissued their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a report published on Monday, Benzinga reports. They currently have a $17.00 price objective on the technology company’s stock.

Several other brokerages have also recently weighed in on COGT. Wedbush restated a “neutral” rating and issued a $11.00 price target (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Robert W. Baird upped their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. dropped their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company 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. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $16.00 target price on shares of Cogent Biosciences in a report on Thursday, October 24th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Stock Up 4.9 %

COGT stock opened at $10.48 on Monday. The business’s 50-day moving average price is $11.11 and its 200-day moving average price is $9.39. The stock has a market cap of $1.15 billion, a P/E ratio of -4.28 and a beta of 1.72. Cogent Biosciences has a twelve month low of $3.67 and a twelve month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the previous year, the company posted ($0.59) EPS. On average, equities research analysts expect that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its holdings in shares of Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after buying an additional 8,310,150 shares during the period. Kynam Capital Management LP lifted its holdings in Cogent Biosciences by 45.2% in the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock valued at $57,120,000 after acquiring an additional 2,645,234 shares during the period. Vanguard Group Inc. boosted its position in Cogent Biosciences by 27.1% in the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after purchasing an additional 1,231,050 shares in the last quarter. Redmile Group LLC grew its stake in shares of Cogent Biosciences by 36.0% during the 1st quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock worth $26,629,000 after purchasing an additional 1,048,580 shares during the period. Finally, Deerfield Management Company L.P. Series C increased its holdings in shares of Cogent Biosciences by 144.0% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after purchasing an additional 2,209,918 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.