Needham & Company LLC Cuts Cogent Biosciences (NASDAQ:COGT) Price Target to $15.00

Cogent Biosciences (NASDAQ:COGT) had its price target decreased by Needham & Company LLC from $16.00 to $15.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 44.51% from the stock’s current price.

Several other brokerages have also issued reports on COGT. HC Wainwright restated a “buy” rating and issued a $17.00 target price on shares of Cogent Biosciences in a research note on Monday, November 4th. Citigroup lifted 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. Robert W. Baird lifted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Wedbush reiterated a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday. Finally, JPMorgan Chase & Co. reduced their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.50.

Cogent Biosciences Price Performance

Shares of COGT opened at $10.38 on Wednesday. The firm has a market cap of $1.14 billion, a PE ratio of -4.19 and a beta of 1.72. The stock’s fifty day moving average price is $11.08 and its two-hundred day moving average price is $9.53. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $12.61.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. grew its position in Cogent Biosciences by 124.5% during the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in shares of Cogent Biosciences in the 2nd quarter worth about $1,077,000. Sofinnova Investments Inc. boosted its holdings in shares of Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after purchasing an additional 2,083,065 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C boosted its holdings in shares of Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after purchasing an additional 2,209,918 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.