Needham & Company LLC Issues Pessimistic Forecast for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT) had its target price reduced by equities research analysts at Needham & Company LLC from $16.00 to $15.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 55.44% from the stock’s previous close.

Other equities analysts have also issued research reports about the stock. HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a research report on Monday, November 4th. JPMorgan Chase & Co. cut their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. Citigroup boosted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday. Finally, Robert W. Baird boosted their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, Cogent Biosciences presently has an average rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Trading Down 7.2 %

Cogent Biosciences stock opened at $9.65 on Wednesday. The business’s 50 day simple moving average is $11.02 and its 200 day simple moving average is $9.53. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter in the previous year, the firm earned ($0.64) earnings per share. Sell-side analysts expect that Cogent Biosciences will post -2.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Large investors have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cogent Biosciences by 8.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock valued at $352,000 after acquiring an additional 3,912 shares in the last quarter. Swiss National Bank raised its stake in Cogent Biosciences by 33.9% in the first quarter. Swiss National Bank now owns 124,000 shares of the technology company’s stock valued at $833,000 after purchasing an additional 31,400 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock valued at $67,000 after purchasing an additional 7,020 shares during the last quarter. ProShare Advisors LLC grew its stake in Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after buying an additional 2,953 shares in the last quarter. Finally, Entropy Technologies LP purchased a new position in Cogent Biosciences in the 1st quarter worth approximately $213,000.

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.