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

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has been assigned an average rating of "Moderate Buy" from the seven research firms that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $14.67.

COGT has been the subject of a number of research reports. Robert W. Baird lifted their target price 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. cut their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Needham & Company LLC restated a "buy" rating and set a $16.00 target price on shares of Cogent Biosciences in a research report on Thursday, October 24th. HC Wainwright lowered their target price on Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd. Finally, Wedbush reiterated a "neutral" rating and set a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd.

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in COGT. Point72 Asset Management L.P. raised its stake in shares of 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 during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new stake in shares of Cogent Biosciences in the second quarter valued at about $1,077,000. Sofinnova Investments Inc. increased its stake in shares of Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company's stock worth $23,379,000 after acquiring an additional 372,515 shares during the period. Janus Henderson Group PLC raised its holdings in Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company's stock worth $14,097,000 after purchasing an additional 2,083,065 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its position in Cogent Biosciences by 144.0% in 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 purchasing an additional 2,209,918 shares during the period.

Cogent Biosciences Price Performance

NASDAQ COGT traded down $0.24 during trading on Thursday, hitting $11.77. The company's stock had a trading volume of 445,576 shares, compared to its average volume of 1,412,843. Cogent Biosciences has a fifty-two week low of $3.67 and a fifty-two week high of $12.61. The company has a market cap of $1.13 billion, a PE ratio of -4.84 and a beta of 1.71. The business's 50 day simple moving average is $11.01 and its 200-day simple moving average is $9.24.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the previous year, the business earned ($0.59) earnings per share. Analysts expect that Cogent Biosciences will post -2.25 EPS for the current fiscal year.

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.