Cogent Biosciences' (COGT) "Buy" Rating Reiterated at Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $16.00 price target on the technology company's stock. Needham & Company LLC's target price indicates a potential upside of 33.22% from the stock's previous close.

A number of other equities research analysts also recently commented on COGT. Citigroup increased their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. HC Wainwright decreased their price target on Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating for the company in a report on Tuesday, September 3rd. JPMorgan Chase & Co. dropped their price objective on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a report on Wednesday, August 7th. Wedbush restated a "neutral" rating and set a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Finally, Robert W. Baird increased their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, September 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Cogent Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $14.67.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT traded down $0.29 during trading on Thursday, hitting $12.01. The company's stock had a trading volume of 2,404,450 shares, compared to its average volume of 1,432,552. Cogent Biosciences has a fifty-two week low of $3.67 and a fifty-two week high of $12.61. The business has a 50 day moving average price of $10.78 and a two-hundred day moving average price of $9.05. The company has a market capitalization of $1.31 billion, a PE ratio of -4.91 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). During the same quarter in the prior year, the business earned ($0.59) earnings per share. As a group, equities analysts expect that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cogent Biosciences by 8.1% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company's stock valued at $352,000 after acquiring an additional 3,912 shares during the period. Swiss National Bank raised its holdings in shares of Cogent Biosciences by 33.9% in the first quarter. Swiss National Bank now owns 124,000 shares of the technology company's stock valued at $833,000 after buying an additional 31,400 shares during the last quarter. 49 Wealth Management LLC boosted its stake in shares of Cogent Biosciences by 20.5% during the first quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company's stock worth $91,000 after buying an additional 2,236 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company's stock worth $67,000 after buying an additional 7,020 shares during the last quarter. Finally, ProShare Advisors LLC increased its position in Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company's stock valued at $149,000 after acquiring an additional 2,953 shares during the period.

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.