Scotiabank Begins Coverage on Cogent Biosciences (NASDAQ:COGT)

Equities researchers at Scotiabank initiated coverage on shares of Cogent Biosciences (NASDAQ:COGT) in a report released on Friday, MarketBeat reports. The firm set a “sector outperform” rating and a $17.00 price target on the technology company’s stock. Scotiabank’s price target would indicate a potential upside of 142.51% from the company’s previous close.

COGT has been the subject of several other reports. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Robert W. Baird dropped their price objective on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. HC Wainwright dropped their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. raised their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Trading Down 5.4 %

Cogent Biosciences stock opened at $7.01 on Friday. The stock has a market capitalization of $798.09 million, a price-to-earnings ratio of -2.83 and a beta of 1.81. The stock has a 50 day moving average of $8.11 and a two-hundred day moving average of $9.47. Cogent Biosciences has a twelve month low of $5.73 and a twelve month high of $12.61.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Barclays PLC raised its position in Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after purchasing an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. raised its position in Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after purchasing an additional 139,096 shares during the period. Geode Capital Management LLC raised its position in Cogent Biosciences by 15.1% in the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after purchasing an additional 300,062 shares during the period. Intech Investment Management LLC purchased a new position in Cogent Biosciences in the third quarter valued at about $307,000. Finally, JPMorgan Chase & Co. raised its position in Cogent Biosciences by 9.7% in the third quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock valued at $700,000 after purchasing an additional 5,720 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.