Needham & Company LLC Downgrades Cogent Biosciences (NASDAQ:COGT) to Hold

Cogent Biosciences (NASDAQ:COGT - Get Free Report) was downgraded by stock analysts at Needham & Company LLC from a "buy" rating to a "hold" rating in a report issued on Wednesday, MarketBeat Ratings reports.

A number of other equities research analysts also recently weighed in on COGT. JPMorgan Chase & Co. raised their target price 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. Wedbush restated a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. HC Wainwright reiterated a "buy" rating and issued a $17.00 target price on shares of Cogent Biosciences in a research report on Monday, November 4th. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Finally, Robert W. Baird upped their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, September 5th. Three 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, the stock presently has an average rating of "Moderate Buy" and an average target price of $14.83.

Cogent Biosciences Stock Performance

NASDAQ COGT traded down $0.23 during trading hours on Wednesday, hitting $9.27. The company had a trading volume of 2,151,561 shares, compared to its average volume of 1,452,135. The firm has a 50 day simple moving average of $10.49 and a 200 day simple moving average of $9.78. Cogent Biosciences has a 52 week low of $3.90 and a 52 week high of $12.61. The firm has a market capitalization of $1.02 billion, a price-to-earnings ratio of -3.51 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted 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 earned ($0.64) EPS. On average, research analysts forecast that Cogent Biosciences will post -2.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. raised its position in Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company's stock valued at $126,335,000 after purchasing an additional 8,310,150 shares during the last quarter. Deerfield Management Company L.P. Series C raised its holdings in shares of Cogent Biosciences by 144.0% during the second 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 acquiring an additional 2,209,918 shares in the last quarter. FMR LLC raised its holdings in shares of Cogent Biosciences by 8.1% during the third quarter. FMR LLC now owns 8,319,411 shares of the technology company's stock valued at $89,850,000 after acquiring an additional 625,743 shares in the last quarter. Walleye Capital LLC purchased a new stake in Cogent Biosciences in the third quarter worth $6,019,000. Finally, Sofinnova Investments Inc. boosted its holdings in Cogent Biosciences by 15.5% in the second 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 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.