FY2024 EPS Forecast for Cogent Biosciences Lifted by Analyst

Cogent Biosciences, Inc. (NASDAQ:COGT) – Research analysts at Leerink Partnrs increased their FY2024 earnings per share estimates for shares of Cogent Biosciences in a note issued to investors on Wednesday, November 13th. Leerink Partnrs analyst A. Berens now expects that the technology company will earn ($2.53) per share for the year, up from their previous estimate of ($2.56). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.40) per share. Leerink Partnrs also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.67) EPS, FY2025 earnings at ($2.41) EPS and FY2026 earnings at ($1.33) EPS.

A number of other brokerages also recently issued reports on COGT. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. Wedbush reiterated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, November 12th. HC Wainwright reaffirmed a “buy” rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Monday, November 4th. Needham & Company LLC lowered their target price on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Finally, Robert W. Baird upped their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Stock Down 7.8 %

Shares of COGT stock opened at $8.90 on Monday. The firm has a market cap of $983.09 million, a price-to-earnings ratio of -3.59 and a beta of 1.72. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $12.61. The company’s 50 day moving average is $10.99 and its 200 day moving average is $9.59.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its position in shares of 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 valued at $126,335,000 after acquiring an additional 8,310,150 shares during the period. Kynam Capital Management LP lifted its holdings in shares of Cogent Biosciences by 45.2% during the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after purchasing an additional 2,645,234 shares during the period. Deerfield Management Company L.P. Series C boosted its position 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 buying an additional 2,209,918 shares during the last quarter. Janus Henderson Group PLC increased its holdings in 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 worth $14,097,000 after buying an additional 2,083,065 shares during the period. Finally, Vanguard Group Inc. raised 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 worth $38,746,000 after buying an additional 1,231,050 shares during 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.