Brokerages Set Cogent Biosciences, Inc. (NASDAQ:COGT) Price Target at $14.83

Cogent Biosciences, Inc. (NASDAQ:COGT) has received an average rating of “Moderate Buy” from the seven ratings firms that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $14.33.

A number of research analysts have commented on COGT shares. HC Wainwright cut their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday. Needham & Company LLC downgraded shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. raised 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. Wedbush reissued a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Monday. Finally, Citigroup raised 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.

Cogent Biosciences Price Performance

COGT stock opened at $8.13 on Tuesday. The company has a market capitalization of $898.06 million, a PE ratio of -3.28 and a beta of 1.76. Cogent Biosciences has a 12 month low of $4.28 and a 12 month high of $12.61. The firm’s 50-day moving average is $8.69 and its 200 day moving average is $9.68.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the prior year, the firm earned ($0.64) EPS. Sell-side analysts forecast that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp grew its position in Cogent Biosciences by 16.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock worth $2,753,000 after purchasing an additional 45,770 shares during the last quarter. Rhumbline Advisers grew its position in Cogent Biosciences by 9.6% during the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock worth $1,100,000 after purchasing an additional 11,383 shares during the last quarter. Quest Partners LLC purchased a new stake in Cogent Biosciences during the 2nd quarter worth approximately $89,000. Sofinnova Investments Inc. grew its position in Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its position in Cogent Biosciences by 34.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock worth $1,135,000 after purchasing an additional 34,655 shares during the last quarter.

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.