Cogent Biosciences (NASDAQ:COGT) Given New $7.00 Price Target at Robert W. Baird

Cogent Biosciences (NASDAQ:COGT) had its price objective lowered by stock analysts at Robert W. Baird from $8.00 to $7.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. Robert W. Baird’s target price would suggest a potential upside of 40.14% from the company’s previous close.

COGT has been the subject of several other reports. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Scotiabank started coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price objective for the company. Wedbush restated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. HC Wainwright decreased their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Cogent Biosciences presently has an average rating of “Moderate Buy” and an average target price of $14.29.

Cogent Biosciences Trading Up 5.8 %

COGT opened at $5.00 on Wednesday. Cogent Biosciences has a twelve month low of $3.72 and a twelve month high of $12.61. The firm has a market cap of $568.71 million, a price-to-earnings ratio of -2.01 and a beta of 1.91. The company has a fifty day simple moving average of $5.69 and a 200 day simple moving average of $7.81.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.04. On average, analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Balyasny Asset Management L.P. lifted its stake in Cogent Biosciences by 8.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock valued at $162,000 after buying an additional 1,687 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after purchasing an additional 2,200 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Cogent Biosciences by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after purchasing an additional 2,371 shares during the last quarter. Teacher Retirement System of Texas increased its stake in shares of Cogent Biosciences by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock valued at $140,000 after purchasing an additional 2,396 shares during the period. Finally, Arizona State Retirement System raised its holdings in shares of Cogent Biosciences by 18.0% during the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company’s stock valued at $123,000 after buying an additional 3,142 shares during the last quarter.

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.