What is HC Wainwright’s Forecast for COGT FY2024 Earnings?

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at HC Wainwright reduced their FY2024 earnings estimates for shares of Cogent Biosciences in a research report issued to clients and investors on Wednesday, December 11th. HC Wainwright analyst R. Burns now expects that the technology company will post earnings of ($2.50) per share for the year, down from their previous estimate of ($2.37). HC Wainwright currently has a “Buy” rating on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.40) per share. HC Wainwright also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.64) EPS, Q1 2025 earnings at ($0.65) EPS, Q2 2025 earnings at ($0.66) EPS, Q3 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.65) EPS.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the previous year, the business earned ($0.64) EPS.

COGT has been the topic of a number of other research reports. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday. Citigroup upped their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. upped their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Robert W. Baird upped their target price 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. Finally, Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Price Performance

NASDAQ COGT opened at $8.15 on Friday. The firm’s 50-day moving average is $10.36 and its two-hundred day moving average is $9.77. Cogent Biosciences has a 12 month low of $4.28 and a 12 month high of $12.61. The stock has a market capitalization of $900.25 million, a P/E ratio of -3.29 and a beta of 1.70.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in COGT. Point72 Asset Management L.P. raised its holdings in Cogent Biosciences by 124.5% in the second 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 in the last quarter. Deerfield Management Company L.P. Series C raised 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. FMR LLC raised its holdings in Cogent Biosciences by 8.1% in the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after acquiring an additional 625,743 shares in the last quarter. Walleye Capital LLC acquired a new stake in Cogent Biosciences in the third quarter valued at approximately $6,019,000. Finally, Sofinnova Investments Inc. raised its holdings in Cogent Biosciences by 15.5% in the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after acquiring an additional 372,515 shares in the last quarter.

Cogent Biosciences Company Profile

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.