Wedbush Reaffirms Neutral Rating for Cogent Biosciences (NASDAQ:COGT)

Wedbush reaffirmed their neutral rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report released on Tuesday,RTT News reports. Wedbush currently has a $11.00 price objective on the technology company’s stock.

Several other research firms also recently weighed in on COGT. Needham & Company LLC downgraded shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lifted their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, HC Wainwright reduced their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Performance

NASDAQ COGT opened at $6.99 on Tuesday. Cogent Biosciences has a 52-week low of $5.73 and a 52-week high of $12.61. The company has a 50-day simple moving average of $8.21 and a 200 day simple moving average of $9.58. The company has a market capitalization of $772.13 million, a PE ratio of -2.82 and a beta of 1.77.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COGT. FMR LLC increased its position in Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock valued at $129,240,000 after purchasing an additional 8,249,845 shares during the period. Octagon Capital Advisors LP increased its position in Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock valued at $21,551,000 after purchasing an additional 1,458,000 shares during the period. SG Americas Securities LLC increased its position in Cogent Biosciences by 2,865.3% during the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock valued at $7,525,000 after purchasing an additional 932,179 shares during the period. Walleye Capital LLC purchased a new stake in shares of Cogent Biosciences in the 3rd quarter worth about $6,019,000. Finally, Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Cogent Biosciences in the 4th quarter worth about $4,279,000.

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.