Wedbush Reiterates Neutral Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “neutral” rating reiterated by Wedbush in a research report issued to clients and investors on Monday,RTT News reports. They currently have a $11.00 price objective on the technology company’s stock. Wedbush’s price objective would suggest a potential upside of 45.31% from the stock’s previous close.

Several other equities analysts also recently issued reports on COGT. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Citigroup boosted their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Finally, HC Wainwright reiterated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Stock Down 3.4 %

Shares of NASDAQ:COGT traded down $0.27 on Monday, reaching $7.57. 2,447,431 shares of the company’s stock were exchanged, compared to its average volume of 1,395,033. The firm has a market capitalization of $836.20 million, a price-to-earnings ratio of -3.05 and a beta of 1.76. Cogent Biosciences has a fifty-two week low of $4.28 and a fifty-two week high of $12.61. The business’s 50-day moving average is $8.88 and its two-hundred day moving average is $9.71.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data 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 period last year, the business earned ($0.64) EPS. Analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently added to or reduced their stakes in COGT. Bank of New York Mellon Corp increased its holdings in shares of Cogent Biosciences by 16.3% in the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock valued at $2,753,000 after buying an additional 45,770 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Cogent Biosciences by 9.6% in the second quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock valued at $1,100,000 after buying an additional 11,383 shares in the last quarter. Quest Partners LLC bought a new position in shares of Cogent Biosciences in the second quarter valued at $89,000. Sofinnova Investments Inc. increased its holdings in shares of 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 buying an additional 372,515 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of Cogent Biosciences by 34.7% in the second quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock valued at $1,135,000 after buying an additional 34,655 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.