Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $14.00 Consensus Target Price from Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT) has earned a consensus rating of “Moderate Buy” from the eight ratings firms that are presently covering the company, Marketbeat reports. Three research analysts have rated the stock with a hold recommendation, four have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $14.43.

A number of research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. HC Wainwright reduced their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Scotiabank started coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target for the company. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th.

Cogent Biosciences Stock Up 5.7 %

Shares of Cogent Biosciences stock opened at $7.24 on Wednesday. The company has a 50 day moving average price of $8.08 and a 200 day moving average price of $9.42. The firm has a market capitalization of $824.27 million, a P/E ratio of -2.92 and a beta of 1.80. Cogent Biosciences has a 52 week low of $5.73 and a 52 week high of $12.61.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cogent Biosciences by 38.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after buying an additional 1,104 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Cogent Biosciences in the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC purchased a new stake in Cogent Biosciences in the 4th quarter worth approximately $81,000. KLP Kapitalforvaltning AS acquired a new stake in shares of Cogent Biosciences during the 4th quarter worth approximately $88,000. Finally, E Fund Management Co. Ltd. purchased a new position in shares of Cogent Biosciences during the 4th quarter valued at approximately $89,000.

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.