Cogent Biosciences’ (COGT) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report report published on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $16.00 price objective on the technology company’s stock.

A number of other brokerages have also recently weighed in on COGT. HC Wainwright decreased their price target on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Wedbush reiterated a “neutral” rating and issued a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Robert W. Baird lifted their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Finally, Citigroup upped their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $11.97 on Thursday. The company has a market cap of $1.14 billion, a price-to-earnings ratio of -4.83 and a beta of 1.71. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $12.61. The stock’s 50-day moving average is $10.90 and its 200-day moving average is $9.13.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the previous year, the firm posted ($0.59) EPS. Research analysts anticipate that Cogent Biosciences will post -2.25 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of COGT. Mirae Asset Global Investments Co. Ltd. lifted its position in Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,104 shares during the last quarter. 49 Wealth Management LLC boosted its position in shares of Cogent Biosciences by 20.5% during the first quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock worth $91,000 after buying an additional 2,236 shares during the period. SkyView Investment Advisors LLC grew its holdings in Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after buying an additional 2,500 shares in the last quarter. ProShare Advisors LLC increased its position in Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock valued at $149,000 after acquiring an additional 2,953 shares during the period. Finally, Values First Advisors Inc. acquired a new position in Cogent Biosciences during the 3rd quarter worth $32,000.

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.