Leerink Partnrs Analysts Raise Earnings Estimates for Cogent Biosciences, Inc. (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT) – Research analysts at Leerink Partnrs upped their Q3 2024 earnings per share estimates for Cogent Biosciences in a report released on Tuesday, August 6th. Leerink Partnrs analyst A. Berens now anticipates that the technology company will earn ($0.67) per share for the quarter, up from their previous forecast of ($0.68). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.19) per share. Leerink Partnrs also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.69) EPS, FY2024 earnings at ($2.56) EPS, FY2025 earnings at ($2.82) EPS and FY2026 earnings at ($1.63) EPS.

Other equities analysts have also issued reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Wedbush reaffirmed a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a report on Tuesday, August 6th. Finally, 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 report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Cogent Biosciences Trading Down 3.5 %

NASDAQ:COGT opened at $8.58 on Friday. The firm has a market capitalization of $820.33 million, a PE ratio of -3.46 and a beta of 1.71. The stock has a 50 day moving average of $8.83 and a 200-day moving average of $7.55. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $13.23.

Cogent Biosciences (NASDAQ:COGT) last announced 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 in the previous year, the business posted ($0.59) earnings per share.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sofinnova Investments Inc. grew its holdings in Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares in the last quarter. Quest Partners LLC bought a new position in Cogent Biosciences in the 2nd quarter worth approximately $89,000. Rhumbline Advisers grew its holdings in Cogent Biosciences by 9.6% in the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock worth $1,100,000 after buying an additional 11,383 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Cogent Biosciences by 16.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock worth $2,753,000 after buying an additional 45,770 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. bought a new position in Cogent Biosciences in the 2nd quarter worth approximately $1,077,000.

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.