Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Consensus Rating of "Moderate Buy" from Analysts

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has been assigned an average recommendation of "Moderate Buy" from the seven ratings firms that are covering the stock, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $14.83.

COGT has been the topic of a number of recent research reports. Citigroup raised 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. Robert W. Baird boosted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, September 5th. Wedbush reaffirmed a "neutral" rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. HC Wainwright restated a "buy" rating on shares of Cogent Biosciences in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th.

Cogent Biosciences Trading Up 0.5 %

Shares of COGT stock traded up $0.04 on Friday, reaching $7.84. 2,668,265 shares of the company's stock were exchanged, compared to its average volume of 1,464,145. The stock has a market capitalization of $866.02 million, a PE ratio of -3.16 and a beta of 1.70. Cogent Biosciences has a 52 week low of $4.28 and a 52 week high of $12.61. The company's fifty day simple moving average is $10.06 and its 200 day simple moving average is $9.77.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the firm earned ($0.64) EPS. As a group, sell-side analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its position 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 worth $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. FMR LLC raised its stake in shares of Cogent Biosciences by 8.1% during the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company's stock worth $89,850,000 after buying an additional 625,743 shares during the period. Deerfield Management Company L.P. Series C lifted its position 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 buying an additional 2,209,918 shares in the last quarter. Sofinnova Investments Inc. grew 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 valued at $23,379,000 after acquiring an additional 372,515 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Cogent Biosciences by 15.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock worth $24,638,000 after acquiring an additional 300,062 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.