Cogent Biosciences (NASDAQ:COGT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Cogent Biosciences (NASDAQ:COGT) had its target price boosted by JPMorgan Chase & Co. from $19.00 to $21.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 135.96% from the stock’s current price.

Other analysts have also recently issued reports about the company. Needham & Company LLC lowered their price target on Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday. Robert W. Baird upped their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. HC Wainwright reiterated a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a report on Monday, November 4th. Citigroup increased their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Wedbush reiterated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT opened at $8.90 on Thursday. The stock has a market cap of $974.11 million, a price-to-earnings ratio of -3.59 and a beta of 1.72. The company 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 issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the prior year, the company posted ($0.64) EPS. Equities research analysts anticipate that Cogent Biosciences will post -2.29 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the company. Barclays PLC grew its position in shares of Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares during the period. Nomura Asset Management Co. Ltd. bought a new position in Cogent Biosciences during the third quarter worth about $488,000. Wellington Management Group LLP increased its position in Cogent Biosciences by 8.0% during the third quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company’s stock worth $3,697,000 after buying an additional 25,470 shares during the last quarter. Cinctive Capital Management LP raised its stake in Cogent Biosciences by 91.6% in the third quarter. Cinctive Capital Management LP now owns 330,419 shares of the technology company’s stock valued at $3,569,000 after buying an additional 157,969 shares during the period. Finally, Verition Fund Management LLC lifted its position in shares of Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after buying an additional 2,176 shares during the last quarter.

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.