Equities Analysts Offer Predictions for COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Analysts at Wedbush reduced their FY2024 earnings estimates for Cogent Biosciences in a research note issued to investors on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the technology company will post earnings of ($2.40) per share for the year, down from their previous estimate of ($2.09). Wedbush currently has a “Neutral” rating and a $11.00 target price on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.29) per share. Wedbush also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.55) EPS, Q1 2025 earnings at ($0.47) EPS, Q2 2025 earnings at ($0.44) EPS, Q3 2025 earnings at ($0.43) EPS, Q4 2025 earnings at ($0.42) EPS, FY2025 earnings at ($1.76) EPS, FY2026 earnings at ($1.46) EPS and FY2027 earnings at ($1.17) EPS.

A number of other research analysts also recently issued reports on COGT. Robert W. Baird lifted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Needham & Company LLC lowered their price target on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a report on Wednesday. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a research report on Monday, November 4th. 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 note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $8.90 on Friday. The firm has a 50-day simple moving average of $10.99 and a 200-day simple moving average of $9.55. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61. The firm has a market cap of $974.11 million, a P/E ratio of -3.59 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter last year, the company earned ($0.64) earnings per share.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its position in Cogent Biosciences by 124.5% during 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 buying an additional 8,310,150 shares during the period. Kynam Capital Management LP boosted its stake in shares of Cogent Biosciences by 45.2% during the 1st 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 in the last quarter. Deerfield Management Company L.P. Series C grew its position in shares of Cogent Biosciences by 144.0% during the 2nd 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 during the period. Janus Henderson Group PLC increased its stake in shares of Cogent Biosciences by 12,785.8% in 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 in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Cogent Biosciences by 27.1% in 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 in 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.