Cogent Biosciences (NASDAQ:COGT) Coverage Initiated by Analysts at Scotiabank

Scotiabank assumed coverage on shares of Cogent Biosciences (NASDAQ:COGT) in a research report released on Friday morning, Marketbeat Ratings reports. The firm issued a sector outperform rating and a $17.00 price objective on the technology company’s stock.

A number of other brokerages have also recently commented on COGT. JPMorgan Chase & Co. raised their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Robert W. Baird cut their price objective on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Wedbush reiterated a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Finally, HC Wainwright reduced their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.43.

Cogent Biosciences Stock Down 5.4 %

Shares of COGT opened at $7.01 on Friday. The stock’s 50-day moving average price is $8.12 and its 200-day moving average price is $9.49. The company has a market capitalization of $798.09 million, a price-to-earnings ratio of -2.83 and a beta of 1.81. Cogent Biosciences has a 52 week low of $5.73 and a 52 week high of $12.61.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Schonfeld Strategic Advisors LLC acquired a new position in shares of Cogent Biosciences during the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $81,000. KLP Kapitalforvaltning AS acquired a new position in Cogent Biosciences in the 4th quarter valued at $88,000. E Fund Management Co. Ltd. purchased a new position in Cogent Biosciences in the 4th quarter valued at $89,000. Finally, Proficio Capital Partners LLC acquired a new stake in Cogent Biosciences during the 4th quarter worth $93,000.

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.