Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Average Rating of “Moderate Buy” from Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT) has earned a consensus recommendation of “Moderate Buy” from the seven ratings firms that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $14.50.

COGT has been the topic of several research analyst reports. Wedbush reiterated a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a research note on Tuesday, August 6th. HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Cogent Biosciences in a report on Monday, June 17th. JPMorgan Chase & Co. decreased their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price objective on shares of Cogent Biosciences in a research note on Wednesday, August 7th.

Cogent Biosciences Stock Up 3.2 %

COGT stock opened at $10.24 on Friday. The stock has a market capitalization of $979.08 million, a PE ratio of -4.13 and a beta of 1.71. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $13.23. The firm has a 50 day moving average of $8.93 and a 200 day moving average of $7.81.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period last year, the business posted ($0.59) EPS. On average, equities research analysts expect that Cogent Biosciences will post -2.26 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. grew its position in Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after buying an additional 493,884 shares during the period. Kynam Capital Management LP grew its position in shares of Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after acquiring an additional 3,644,641 shares during the period. Rafferty Asset Management LLC increased its stake in shares of Cogent Biosciences by 50.5% in the 4th quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after purchasing an additional 96,894 shares in the last quarter. Janus Henderson Group PLC raised its holdings in Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after purchasing an additional 2,083,065 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new position in Cogent Biosciences in the 2nd quarter worth about $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.