HC Wainwright Issues Pessimistic Forecast for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT) had its target price dropped by analysts at HC Wainwright from $14.00 to $12.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. HC Wainwright’s price target indicates a potential upside of 138.33% from the stock’s current price.

Several other analysts also recently weighed in on the company. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Scotiabank started coverage on Cogent Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price target for the company. Wedbush restated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, February 25th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Finally, Robert W. Baird lowered their price target on shares of Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Cogent Biosciences Trading Up 1.1%

NASDAQ:COGT traded up $0.06 during trading hours on Tuesday, hitting $5.04. 114,721 shares of the company were exchanged, compared to its average volume of 1,252,667. Cogent Biosciences has a one year low of $3.72 and a one year high of $12.61. The company has a fifty day simple moving average of $5.36 and a 200 day simple moving average of $7.41. The stock has a market capitalization of $573.26 million, a price-to-earnings ratio of -2.03 and a beta of 1.91.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. Equities research analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the company. Balyasny Asset Management L.P. raised its stake in shares of Cogent Biosciences by 8.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock valued at $162,000 after acquiring an additional 1,687 shares during the period. New York State Common Retirement Fund raised its position in shares of Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after acquiring an additional 2,200 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after purchasing an additional 2,371 shares in the last quarter. Teacher Retirement System of Texas increased its position in Cogent Biosciences by 15.4% during the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock worth $140,000 after buying an additional 2,396 shares during the period. Finally, Arizona State Retirement System boosted its stake in Cogent Biosciences by 18.0% during the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company’s stock worth $123,000 after purchasing an additional 3,142 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.