Cogent Biosciences (NASDAQ:COGT) Receives “Buy” Rating from HC Wainwright

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reiterated by analysts at HC Wainwright in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $21.00 price objective on the technology company’s stock. HC Wainwright’s price target would suggest a potential upside of 35.48% from the stock’s previous close.

A number of other brokerages have also recently issued reports on COGT. Jefferies Financial Group raised their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Guggenheim raised their target price on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Citigroup upped their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a report on Friday, July 18th. Robert W. Baird boosted their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a “neutral” rating in a research report on Tuesday, July 8th. Finally, Stifel Nicolaus initiated coverage on Cogent Biosciences in a research note on Wednesday, October 15th. They issued a “hold” rating and a $16.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus target price of $20.83.

Cogent Biosciences Price Performance

Shares of COGT opened at $15.50 on Tuesday. Cogent Biosciences has a 1 year low of $3.72 and a 1 year high of $17.15. The stock has a 50 day simple moving average of $14.21 and a two-hundred day simple moving average of $10.25. The firm has a market cap of $1.76 billion, a P/E ratio of -8.71 and a beta of 0.41.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.55) by $0.02. On average, equities analysts anticipate that Cogent Biosciences will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in the stock. Paradigm Biocapital Advisors LP increased its holdings in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock valued at $53,692,000 after acquiring an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP bought a new stake in Cogent Biosciences during the 1st quarter valued at about $17,970,000. Emerald Advisers LLC purchased a new position in Cogent Biosciences in the second quarter worth about $10,381,000. Woodline Partners LP grew its holdings in shares of Cogent Biosciences by 175.2% during the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company’s stock valued at $10,108,000 after buying an additional 1,074,375 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new stake in shares of Cogent Biosciences during the second quarter valued at approximately $6,429,000.

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.