Cogent Biosciences (NASDAQ:COGT) Price Target Raised to $56.00

Cogent Biosciences (NASDAQ:COGT) had its price objective raised by stock analysts at HC Wainwright from $55.00 to $56.00 in a research report issued on Monday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. HC Wainwright‘s price objective would indicate a potential upside of 76.94% from the stock’s current price.

A number of other equities research analysts also recently issued reports on COGT. Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Friday, October 2nd. Piper Sandler lifted their target price on Cogent Biosciences from $52.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, August 17th. Wall Street Zen downgraded Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Guggenheim increased their price target on Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. Finally, Wedbush restated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.67.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT opened at $31.65 on Monday. The firm has a fifty day simple moving average of $31.83 and a two-hundred day simple moving average of $35.52. Cogent Biosciences has a 52 week low of $13.93 and a 52 week high of $43.73. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.49 billion, a P/E ratio of -14.07 and a beta of 0.36.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Monday, November 9th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). On average, analysts expect that Cogent Biosciences will post -2.23 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of COGT. Aberdeen Group plc raised its holdings in shares of Cogent Biosciences by 49.7% in the third quarter. Aberdeen Group plc now owns 588,628 shares of the technology company’s stock worth $18,848,000 after buying an additional 195,394 shares during the period. Knights of Columbus Asset Advisors LLC boosted its holdings in Cogent Biosciences by 11.0% during the 3rd quarter. Knights of Columbus Asset Advisors LLC now owns 55,666 shares of the technology company’s stock valued at $1,782,000 after acquiring an additional 5,510 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Cogent Biosciences by 2.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 15,078 shares of the technology company’s stock valued at $476,000 after acquiring an additional 405 shares during the period. Pictet Asset Management Holding SA boosted its holdings in Cogent Biosciences by 18.8% during the 3rd quarter. Pictet Asset Management Holding SA now owns 2,842,776 shares of the technology company’s stock valued at $90,990,000 after acquiring an additional 449,261 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Cogent Biosciences in the 3rd quarter valued at $284,000.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biotechnology company developing precision medicines for diseases driven by specific genetic mutations. Its research focuses on targeted therapies intended to address the underlying causes of these conditions.

The company’s lead investigational medicine, bezuclastinib, is a selective inhibitor of the KIT protein. Cogent has studied it in clinical programs for systemic mastocytosis and gastrointestinal stromal tumors (GIST), conditions in which abnormal KIT signaling can play a role.