Citigroup Increases Cogent Biosciences (NASDAQ:COGT) Price Target to $15.00

Cogent Biosciences (NASDAQ:COGT) had its target price raised by Citigroup from $13.00 to $15.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research analysts also recently commented on COGT. JPMorgan Chase & Co. reduced their target price on Cogent Biosciences from $22.00 to $19.00 and set an overweight rating on the stock in a report on Wednesday, August 7th. Needham & Company LLC reaffirmed a buy rating and set a $18.00 target price on shares of Cogent Biosciences in a report on Wednesday, August 7th. HC Wainwright reduced their target price on Cogent Biosciences from $19.00 to $17.00 and set a buy rating on the stock in a report on Tuesday, September 3rd. Wedbush reiterated a neutral rating and set a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Finally, Robert W. Baird increased their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a neutral rating in a research report on Thursday, September 5th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Cogent Biosciences presently has a consensus rating of Moderate Buy and an average target price of $15.00.

Cogent Biosciences Stock Performance

Shares of COGT opened at $10.90 on Tuesday. The company has a market capitalization of $1.04 billion, a P/E ratio of -4.40 and a beta of 1.70. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.14. The stock has a 50-day moving average price of $9.98 and a 200 day moving average price of $8.45.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same period in the prior year, the company earned ($0.59) earnings per share. As a group, equities research analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in COGT. Frazier Life Sciences Management L.P. increased its position in Cogent Biosciences by 32.9% in the 4th 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 acquiring an additional 493,884 shares during the period. Kynam Capital Management LP increased its position in Cogent Biosciences by 164.9% in 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 position in 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 acquiring an additional 96,894 shares during the period. Point72 Asset Management L.P. increased its position in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after acquiring an additional 8,310,150 shares during the period. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Cogent Biosciences in the 2nd quarter valued at 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.