Cogent Biosciences (NASDAQ:COGT) Stock Rating Reaffirmed by Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They presently have a $16.00 target price on the technology company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 30.08% from the stock’s current price.

COGT has been the subject of several other research reports. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Wedbush reiterated a “neutral” rating and issued a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Robert W. Baird upped their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. HC Wainwright decreased their price objective on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday, September 3rd. 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 research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Stock Performance

Cogent Biosciences stock opened at $12.30 on Thursday. Cogent Biosciences has a fifty-two week low of $3.67 and a fifty-two week high of $12.61. The firm’s fifty day moving average price is $10.78 and its 200-day moving average price is $9.05. The stock has a market cap of $1.35 billion, a P/E ratio of -4.96 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter last year, the firm posted ($0.59) earnings per share. On average, analysts predict that Cogent Biosciences will post -2.25 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. lifted its holdings 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 worth $126,335,000 after buying an additional 8,310,150 shares during the period. Kynam Capital Management LP lifted its stake in Cogent Biosciences by 45.2% in the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after acquiring an additional 2,645,234 shares during the period. Deerfield Management Company L.P. Series C boosted its holdings in Cogent Biosciences by 144.0% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after acquiring an additional 2,209,918 shares in the last quarter. Janus Henderson Group PLC increased its position in Cogent Biosciences by 12,785.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the period. Finally, Vanguard Group Inc. increased its position in Cogent Biosciences by 27.1% during the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock valued at $38,746,000 after purchasing an additional 1,231,050 shares during the period.

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.