Needham & Company LLC Reaffirms Buy Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reaffirmed by stock analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $18.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective indicates a potential upside of 115.83% from the company’s current price.

Other analysts also recently issued research reports about the company. HC Wainwright restated a “buy” rating and issued a $19.00 price target on shares of Cogent Biosciences in a research note on Monday, June 17th. Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Friday, May 24th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Stock Up 3.0 %

Shares of NASDAQ:COGT traded up $0.24 during trading on Thursday, hitting $8.34. The stock had a trading volume of 128,924 shares, compared to its average volume of 1,789,736. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $13.36. The company has a market capitalization of $797.39 million, a PE ratio of -3.36 and a beta of 1.60. The firm’s fifty day moving average is $7.82 and its 200 day moving average is $6.71.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.11). Equities research analysts expect that Cogent Biosciences will post -2.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the company. Frazier Life Sciences Management L.P. lifted its holdings 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 valued at $11,732,000 after buying an additional 493,884 shares during the period. FMR LLC lifted its holdings in shares of 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 buying an additional 4,248,521 shares during the period. Kynam Capital Management LP lifted its holdings in shares of Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after buying an additional 3,644,641 shares during the period. Rafferty Asset Management LLC lifted its holdings in shares of Cogent Biosciences by 50.5% during the 4th quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after buying an additional 96,894 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Cogent Biosciences by 203.1% during the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after buying an additional 212,687 shares during the period.

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.