Cogent Biosciences’ (COGT) Buy Rating Reaffirmed at Guggenheim

Guggenheim reaffirmed their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report released on Tuesday morning,Benzinga reports. They currently have a $17.00 price target on the technology company’s stock.

Other equities research analysts have also recently issued reports about the company. HC Wainwright cut their price target on Cogent Biosciences from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 20th. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. Jefferies Financial Group boosted their price target on Cogent Biosciences from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Monday. Leerink Partners upped their target price on Cogent Biosciences from $16.00 to $18.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, Robert W. Baird upped their target price on Cogent Biosciences from $7.00 to $9.00 and gave the stock a “neutral” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.60.

Cogent Biosciences Stock Up 4.6%

Shares of NASDAQ:COGT opened at $9.78 on Tuesday. The stock has a market cap of $1.11 billion, a PE ratio of -5.32 and a beta of 1.88. The business has a 50 day moving average of $6.23 and a 200-day moving average of $6.77. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly 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 expect that Cogent Biosciences will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Cogent Biosciences by 99.2% during the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after buying an additional 8,249,845 shares in the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after buying an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Cogent Biosciences during the first quarter worth $17,970,000. Octagon Capital Advisors LP increased its holdings in shares of Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock worth $21,551,000 after buying an additional 1,458,000 shares in the last quarter. Finally, Woodline Partners LP increased its holdings in shares of Cogent Biosciences by 175.2% during the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company’s stock worth $10,108,000 after buying an additional 1,074,375 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.