Cogent Biosciences (NASDAQ:COGT) Receives “Neutral” Rating from Wedbush

Wedbush reissued their neutral rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report sent to investors on Tuesday morning, RTT News reports. The firm currently has a $10.00 price target on the technology company’s stock. Wedbush also issued estimates for Cogent Biosciences’ Q3 2024 earnings at ($0.47) EPS, Q4 2024 earnings at ($0.43) EPS, FY2024 earnings at ($2.09) EPS, Q1 2025 earnings at ($0.41) EPS, Q2 2025 earnings at ($0.39) EPS, Q3 2025 earnings at ($0.39) EPS, Q4 2025 earnings at ($0.40) EPS, FY2025 earnings at ($1.59) EPS, FY2026 earnings at ($1.38) EPS and FY2027 earnings at ($1.20) EPS.

Several other research firms have also issued reports on COGT. Needham & Company LLC reissued a buy rating and set a $18.00 price target on shares of Cogent Biosciences in a research report on Thursday, June 27th. HC Wainwright reissued a buy rating and set a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $14.50.

Cogent Biosciences Trading Down 3.5 %

NASDAQ COGT traded down $0.31 during trading hours on Tuesday, reaching $8.58. 553,346 shares of the company traded hands, compared to its average volume of 1,593,785. The company has a 50 day moving average of $8.83 and a two-hundred day moving average of $7.53. The stock has a market capitalization of $820.33 million, a PE ratio of -3.46 and a beta of 1.71. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $13.23.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period last year, the company earned ($0.59) EPS. On average, equities research analysts anticipate that Cogent Biosciences will post -2.19 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Kynam Capital Management LP lifted its position in Cogent Biosciences by 45.2% in the 1st quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock valued at $57,120,000 after purchasing an additional 2,645,234 shares during the last quarter. Vanguard Group Inc. grew 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 worth $38,746,000 after buying an additional 1,231,050 shares in the last quarter. Redmile Group LLC increased its position in Cogent Biosciences by 36.0% in 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. Sofinnova Investments Inc. increased its position in Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after acquiring an additional 372,515 shares during the period. Finally, Eventide Asset Management LLC raised its stake in Cogent Biosciences by 3.9% during the 4th quarter. Eventide Asset Management LLC now owns 2,232,968 shares of the technology company’s stock valued at $13,130,000 after acquiring an additional 82,968 shares in 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.