Wedbush Reaffirms Neutral Rating for Cogent Biosciences (NASDAQ:COGT)

Wedbush reaffirmed their neutral rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research note released on Tuesday morning,RTT News reports. The brokerage currently has a $11.00 price target on the technology company’s stock. Wedbush also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.55) EPS, FY2024 earnings at ($2.40) EPS, Q1 2025 earnings at ($0.47) EPS, Q2 2025 earnings at ($0.44) EPS, Q3 2025 earnings at ($0.43) EPS, Q4 2025 earnings at ($0.42) EPS, FY2025 earnings at ($1.76) EPS, FY2026 earnings at ($1.46) EPS and FY2027 earnings at ($1.17) EPS.

COGT has been the subject of a number of other reports. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price target on shares of Cogent Biosciences in a research note on Monday, November 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $16.00 target price on shares of Cogent Biosciences in a research note on Thursday, October 24th. Robert W. Baird lifted their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Citigroup upped their price target 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Down 7.8 %

COGT stock opened at $8.90 on Tuesday. The company has a 50-day simple moving average of $10.99 and a 200 day simple moving average of $9.55. The company has a market capitalization of $974.11 million, a P/E ratio of -3.59 and a beta of 1.72. Cogent Biosciences has a fifty-two week low of $3.67 and a fifty-two week high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last released 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 period in the prior year, the company posted ($0.64) EPS. Equities analysts anticipate that Cogent Biosciences will post -2.29 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. lifted 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 valued at $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Cogent Biosciences in the 2nd quarter valued at approximately $1,077,000. Sofinnova Investments Inc. boosted its stake in Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 shares during the period. Janus Henderson Group PLC boosted its stake in Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after purchasing an additional 2,083,065 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its position in 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 worth $31,564,000 after purchasing an additional 2,209,918 shares in 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.