JPMorgan Chase & Co. Lowers Cogent Biosciences (NASDAQ:COGT) Price Target to $19.00

Cogent Biosciences (NASDAQ:COGT) had its price objective lowered by equities researchers at JPMorgan Chase & Co. from $22.00 to $19.00 in a research note issued to investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 113.48% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the stock. Wedbush reissued a “neutral” rating and set a $10.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Cogent Biosciences in a report on Monday, June 17th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.50.

Cogent Biosciences Stock Performance

COGT stock traded up $0.01 during midday trading on Wednesday, hitting $8.90. 13,236 shares of the company’s stock were exchanged, compared to its average volume of 1,590,243. Cogent Biosciences has a one year low of $3.67 and a one year high of $13.23. The company has a market cap of $850.93 million, a PE ratio of -3.58 and a beta of 1.71. The stock’s fifty day moving average price is $8.82 and its 200-day moving average price is $7.50.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter last year, the business posted ($0.59) earnings per share. On average, analysts expect that Cogent Biosciences will post -2.19 EPS for the current year.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of COGT. Mirae Asset Global Investments Co. Ltd. boosted its position in Cogent Biosciences by 34.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,467 shares of the technology company’s stock valued at $285,000 after purchasing an additional 12,293 shares during the last quarter. Cornercap Investment Counsel Inc. acquired a new stake in shares of Cogent Biosciences in the 4th quarter valued at approximately $202,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Cogent Biosciences by 67.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,934 shares of the technology company’s stock valued at $111,000 after buying an additional 7,606 shares during the last quarter. Fisher Asset Management LLC grew its stake in shares of Cogent Biosciences by 48.1% in the fourth quarter. Fisher Asset Management LLC now owns 101,531 shares of the technology company’s stock valued at $597,000 after buying an additional 32,962 shares in the last quarter. Finally, AJOVista LLC acquired a new position in Cogent Biosciences during the fourth quarter worth $45,000.

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.