HC Wainwright Has Lowered Expectations for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its target price lowered by HC Wainwright from $17.00 to $14.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. HC Wainwright's target price would suggest a potential upside of 89.96% from the stock's previous close.

COGT has been the topic of a number of other reports. Citigroup boosted their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a "buy" rating in a report on Tuesday, September 24th. Wedbush reissued a "neutral" rating and issued a $11.00 price objective on shares of Cogent Biosciences in a report on Monday. Needham & Company LLC lowered shares of Cogent Biosciences from a "buy" rating to a "hold" rating in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Cogent Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $14.33.

Cogent Biosciences Trading Down 2.6 %

NASDAQ COGT traded down $0.20 during trading hours on Tuesday, hitting $7.37. 2,030,578 shares of the company's stock were exchanged, compared to its average volume of 1,474,471. The stock has a 50-day simple moving average of $8.74 and a 200 day simple moving average of $9.69. Cogent Biosciences has a 1-year low of $4.28 and a 1-year high of $12.61. The firm has a market cap of $814.10 million, a price-to-earnings ratio of -2.97 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results 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 last year, the company posted ($0.64) earnings per share. On average, sell-side analysts anticipate that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 valued at $43,000 after acquiring an additional 1,104 shares in the last quarter. Verition Fund Management LLC raised its stake in Cogent Biosciences by 7.5% in the 3rd quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company's stock valued at $337,000 after purchasing an additional 2,176 shares during the last quarter. SkyView Investment Advisors LLC increased its position in Cogent Biosciences by 25.0% during the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company's stock worth $105,000 after purchasing an additional 2,500 shares during the last quarter. Values First Advisors Inc. acquired a new position in shares of Cogent Biosciences during the 3rd quarter valued at $32,000. Finally, Creative Planning increased its stake in Cogent Biosciences by 29.6% during the 3rd quarter. Creative Planning now owns 14,324 shares of the technology company's stock worth $155,000 after buying an additional 3,272 shares during the period.

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.