HC Wainwright Issues Pessimistic Estimate for COGT Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) - HC Wainwright cut their FY2024 earnings per share (EPS) estimates for shares of Cogent Biosciences in a report issued on Wednesday, December 11th. HC Wainwright analyst R. Burns now forecasts that the technology company will post earnings of ($2.50) per share for the year, down from their prior estimate of ($2.37). HC Wainwright currently has a "Buy" rating on the stock. The consensus estimate for Cogent Biosciences' current full-year earnings is ($2.40) per share. HC Wainwright also issued estimates for Cogent Biosciences' Q4 2024 earnings at ($0.64) EPS, Q1 2025 earnings at ($0.65) EPS, Q2 2025 earnings at ($0.66) EPS, Q3 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.65) EPS.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the company posted ($0.64) EPS.

A number of other analysts also recently weighed in on COGT. Robert W. Baird increased their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. Needham & Company LLC lowered Cogent Biosciences from a "buy" rating to a "hold" rating in a research note on Wednesday. Wedbush restated a "neutral" rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, November 12th. Finally, Citigroup lifted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research note on Tuesday, September 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $14.83.

Cogent Biosciences Price Performance

Shares of COGT traded down $0.19 during trading hours on Friday, hitting $8.15. 825,884 shares of the stock were exchanged, compared to its average volume of 1,460,027. Cogent Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $12.61. The business has a 50-day moving average of $10.36 and a 200-day moving average of $9.77. The firm has a market capitalization of $900.25 million, a P/E ratio of -3.29 and a beta of 1.70.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently modified their holdings of COGT. Point72 Asset Management L.P. raised its holdings 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 buying an additional 8,310,150 shares during the last quarter. Deerfield Management Company L.P. Series C increased its position 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 worth $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% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company's stock worth $89,850,000 after acquiring an additional 625,743 shares during the last quarter. Walleye Capital LLC bought a new position in Cogent Biosciences in the 3rd quarter valued at about $6,019,000. Finally, Sofinnova Investments Inc. boosted its stake in Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company's stock valued at $23,379,000 after purchasing an additional 372,515 shares during 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.