Cogent Biosciences (NASDAQ:COGT) Earns Buy Rating from Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating restated by investment analysts at Needham & Company LLC in a research report issued on Wednesday, Benzinga reports. They currently have a $18.00 price target on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 131.96% from the stock’s current price.

Several other equities analysts also recently weighed in on COGT. Robert W. Baird reissued a “neutral” rating and set a $8.00 target price (down previously from $14.00) on shares of Cogent Biosciences in a research report on Monday, February 26th. Citigroup increased their target price on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, February 26th. JPMorgan Chase & Co. lifted their price target on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 27th. Leerink Partnrs reissued an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Finally, Wedbush boosted their target price on Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average target price of $13.67.

Cogent Biosciences Stock Up 2.5 %

COGT stock opened at $7.76 on Wednesday. The company has a fifty day simple moving average of $6.74 and a two-hundred day simple moving average of $6.61. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $13.50. The firm has a market capitalization of $741.93 million, a P/E ratio of -3.23 and a beta of 1.57.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, analysts anticipate that Cogent Biosciences will post -1.89 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in COGT. Kynam Capital Management LP raised its stake in shares of Cogent Biosciences by 164.9% during the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after acquiring an additional 3,644,641 shares in the last quarter. FMR LLC raised its position in Cogent Biosciences by 1,322.5% during the 3rd quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock valued at $44,555,000 after purchasing an additional 4,248,521 shares in the last quarter. Eventide Asset Management LLC grew its position in shares of Cogent Biosciences by 3.9% during the 4th quarter. Eventide Asset Management LLC now owns 2,232,968 shares of the technology company’s stock worth $13,130,000 after buying an additional 82,968 shares in the last quarter. Frazier Life Sciences Management L.P. grew its position in shares of Cogent Biosciences by 32.9% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after buying an additional 493,884 shares in the last quarter. Finally, Silverarc Capital Management LLC increased its stake in shares of Cogent Biosciences by 5.1% during the third quarter. Silverarc Capital Management LLC now owns 651,372 shares of the technology company’s stock valued at $6,351,000 after buying an additional 31,372 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.