HC Wainwright Reiterates “Buy” Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a note issued to investors on Monday, Benzinga reports. They currently have a $17.00 price objective on the technology company’s stock. HC Wainwright’s target price indicates a potential upside of 70.17% from the company’s current price.

Several other equities analysts have also weighed in on the stock. Citigroup lifted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. lowered their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Wedbush reissued a “neutral” rating and set a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price objective on shares of Cogent Biosciences in a research report on Thursday, October 24th. Finally, Robert W. Baird boosted their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $9.99 on Monday. The company has a market cap of $1.09 billion, a price-to-earnings ratio of -4.03 and a beta of 1.72. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $12.61. The stock’s 50-day moving average is $11.11 and its 200-day moving average is $9.37.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the business earned ($0.59) EPS. Research analysts anticipate that Cogent Biosciences will post -2.25 EPS for the current year.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in COGT. Point72 Asset Management L.P. grew its holdings in Cogent Biosciences by 124.5% during the 2nd 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 in the last quarter. Kynam Capital Management LP increased its holdings in Cogent Biosciences by 45.2% in the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock valued at $57,120,000 after buying an additional 2,645,234 shares during the last quarter. Deerfield Management Company L.P. Series C raised its stake in Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after buying an additional 2,209,918 shares in the last quarter. Janus Henderson Group PLC lifted 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 buying an additional 2,083,065 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in shares of Cogent Biosciences by 27.1% in the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after acquiring an additional 1,231,050 shares in the last quarter.

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.