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

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

Other research analysts have also issued reports about the company. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a report on Monday, November 4th. JPMorgan Chase & Co. decreased their price objective 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. Citigroup raised their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Robert W. Baird upped their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Finally, Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Price Performance

Shares of COGT opened at $8.90 on Wednesday. The company has a market cap of $974.11 million, a PE ratio of -3.59 and a beta of 1.72. The firm has a 50-day moving average of $10.99 and a 200-day moving average of $9.55. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61.

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

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its holdings in 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 during the period. Kynam Capital Management LP grew its position in Cogent Biosciences by 45.2% during the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after buying an additional 2,645,234 shares in the last quarter. FMR LLC increased its stake in Cogent Biosciences by 8.1% during the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after acquiring an additional 625,743 shares during the period. Vanguard Group Inc. raised its holdings in Cogent Biosciences by 27.1% in the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock valued at $38,746,000 after acquiring an additional 1,231,050 shares in the last quarter. Finally, Redmile Group LLC lifted its position in shares of Cogent Biosciences by 36.0% during the 1st quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock valued at $26,629,000 after acquiring an additional 1,048,580 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.