Cogent Biosciences (NASDAQ:COGT) Price Target Cut to $15.00 by Analysts at Needham & Company LLC

Cogent Biosciences (NASDAQ:COGT) had its price objective trimmed by Needham & Company LLC from $16.00 to $15.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts have also issued reports on COGT. Wedbush reiterated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, November 12th. JPMorgan Chase & Co. lowered their price target on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a report on Wednesday, August 7th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Cogent Biosciences in a research note on Monday, November 4th. Robert W. Baird upped their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Finally, Citigroup raised their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Stock Down 7.8 %

COGT opened at $8.90 on Wednesday. The firm has a 50-day moving average price of $10.99 and a 200-day moving average price of $9.57. Cogent Biosciences has a twelve month low of $3.67 and a twelve month high of $12.61. The company has a market capitalization of $974.11 million, a price-to-earnings ratio of -3.59 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter last year, the firm posted ($0.64) EPS. On average, sell-side analysts expect that Cogent Biosciences will post -2.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in COGT. Point72 Asset Management L.P. boosted its stake in shares of Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Kynam Capital Management LP lifted its stake in Cogent Biosciences by 45.2% in the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after purchasing an additional 2,645,234 shares during the last quarter. Deerfield Management Company L.P. Series C boosted its position in Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after buying an additional 2,209,918 shares during the period. Janus Henderson Group PLC grew its stake in shares of Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after buying an additional 2,083,065 shares during the last quarter. Finally, Vanguard Group Inc. increased its holdings in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after buying an additional 1,231,050 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.