Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Consensus Rating of “Moderate Buy” from Analysts

Cogent Biosciences, Inc. (NASDAQ:COGT) has been given a consensus recommendation of “Moderate Buy” by the seven research firms that are currently covering the firm, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $15.00.

Several equities analysts recently commented on the stock. 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 note on Tuesday, September 24th. Robert W. Baird increased their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Finally, JPMorgan Chase & Co. cut their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the stock. NEOS Investment Management LLC acquired a new stake in Cogent Biosciences during the 4th quarter valued at approximately $76,000. Rafferty Asset Management LLC raised its stake in Cogent Biosciences by 50.5% during the fourth quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock worth $1,697,000 after buying an additional 96,894 shares during the last quarter. Kynam Capital Management LP lifted its holdings in Cogent Biosciences by 164.9% in the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after buying an additional 3,644,641 shares during the period. Frazier Life Sciences Management L.P. boosted its position in Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after acquiring an additional 493,884 shares during the last quarter. Finally, Forefront Analytics LLC acquired a new stake in Cogent Biosciences during the 4th quarter worth about $117,000.

Cogent Biosciences Stock Performance

Shares of COGT opened at $11.25 on Friday. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $12.14. The firm has a market cap of $1.08 billion, a price-to-earnings ratio of -4.54 and a beta of 1.71. The business’s fifty day moving average is $10.30 and its 200-day moving average is $8.77.

Cogent Biosciences (NASDAQ:COGT) last released its 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 previous year, the company posted ($0.59) earnings per share. As a group, research analysts forecast 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.