Cogent Biosciences’ (COGT) “Outperform” Rating Reiterated at Wedbush

Wedbush restated their outperform rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research note released on Wednesday morning,Benzinga reports. Wedbush currently has a $55.00 price target on the technology company’s stock.

COGT has been the topic of a number of other reports. HC Wainwright reiterated a “buy” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Tuesday. Weiss Ratings restated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Wall Street Zen lowered Cogent Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, September 5th. Piper Sandler raised their target price on Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Finally, Guggenheim boosted their price target on shares of Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.56.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT opened at $31.50 on Wednesday. The company has a market cap of $5.47 billion, a PE ratio of -14.58 and a beta of 0.31. Cogent Biosciences has a fifty-two week low of $11.60 and a fifty-two week high of $43.73. The firm has a 50-day simple moving average of $37.36 and a 200 day simple moving average of $36.19. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.03. On average, sell-side analysts anticipate that Cogent Biosciences will post -2.23 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in Cogent Biosciences in the 2nd quarter worth approximately $671,547,000. Wellington Management Group LLP raised its stake in Cogent Biosciences by 21.4% during the 2nd quarter. Wellington Management Group LLP now owns 4,343,977 shares of the technology company’s stock valued at $168,112,000 after acquiring an additional 765,355 shares in the last quarter. Geode Capital Management LLC raised its stake in Cogent Biosciences by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 3,514,562 shares of the technology company’s stock valued at $124,862,000 after acquiring an additional 240,407 shares in the last quarter. Commodore Capital LP raised its stake in Cogent Biosciences by 31.5% during the 1st quarter. Commodore Capital LP now owns 2,888,007 shares of the technology company’s stock valued at $111,159,000 after acquiring an additional 691,162 shares in the last quarter. Finally, Pictet Asset Management Holding SA boosted its position in Cogent Biosciences by 1,499.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,798,768 shares of the technology company’s stock worth $68,826,000 after acquiring an additional 1,686,292 shares during the period.

About Cogent Biosciences

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses its research platform to discover and advance targeted therapies designed to address the underlying drivers of serious medical conditions.

Cogent’s lead product candidate is bezuclastinib, an oral, highly selective tyrosine kinase inhibitor designed to target the KIT D816V mutation and other KIT alterations. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both non-advanced and advanced forms of the disease.

Cogent Biosciences is headquartered in Boulder, Colorado, and conducts its clinical development activities through studies involving patients and research sites in multiple regions.