Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $14.57 Consensus Target Price from Brokerages

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have been given an average recommendation of “Moderate Buy” by the eight ratings firms that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $14.57.

COGT has been the subject of several recent research reports. Wedbush reiterated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Robert W. Baird dropped their price objective on shares of Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. JPMorgan Chase & Co. boosted their target price on shares of Cogent Biosciences from $21.00 to $25.00 and gave the company an “overweight” rating in a research note on Thursday, May 29th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research report on Tuesday.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio purchased a new position in Cogent Biosciences during the first quarter valued at $36,000. CWM LLC raised its position in shares of Cogent Biosciences by 11,869.9% during the 1st quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after purchasing an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC purchased a new position in Cogent Biosciences in the 4th quarter valued at about $78,000. Hsbc Holdings PLC acquired a new stake in Cogent Biosciences in the 4th quarter worth about $81,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Cogent Biosciences in the 4th quarter worth about $88,000.

Cogent Biosciences Price Performance

NASDAQ:COGT opened at $7.24 on Friday. The company’s fifty day moving average price is $5.42 and its 200-day moving average price is $6.87. Cogent Biosciences has a 1-year low of $3.72 and a 1-year high of $12.61. The firm has a market capitalization of $824.35 million, a P/E ratio of -3.93 and a beta of 1.82.

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

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.