Cogent Biosciences (NASDAQ:COGT) Stock Rating Reaffirmed by Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a report released on Thursday, Benzinga reports. They presently have a $16.00 price target on the technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 33.67% from the stock’s previous close.

COGT has been the subject of several other research reports. HC Wainwright dropped their price objective on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday, September 3rd. 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. Citigroup boosted their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. dropped their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Finally, Wedbush restated a “neutral” rating and set a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Stock Performance

Cogent Biosciences stock opened at $11.97 on Thursday. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.61. The stock has a market capitalization of $1.14 billion, a P/E ratio of -4.83 and a beta of 1.71. The stock has a fifty day moving average of $10.90 and a 200-day moving average of $9.11.

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. On average, research analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. raised its position 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 acquiring an additional 8,310,150 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in Cogent Biosciences during the 2nd quarter valued at approximately $1,077,000. Sofinnova Investments Inc. increased its position 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 period. Janus Henderson Group PLC raised its holdings in Cogent Biosciences by 12,785.8% during the 1st 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 during the last quarter. Finally, Deerfield Management Company L.P. Series C lifted its position in shares of Cogent Biosciences by 144.0% in the 2nd 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 purchasing an additional 2,209,918 shares during the period.

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.