Leerink Partnrs Analysts Raise Earnings Estimates for Cogent Biosciences, Inc. (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT) – Analysts at Leerink Partnrs increased their Q3 2024 earnings estimates for shares of Cogent Biosciences in a note issued to investors on Tuesday, August 6th. Leerink Partnrs analyst A. Berens now forecasts that the technology company will post earnings of ($0.67) per share for the quarter, up from their previous forecast of ($0.68). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.19) per share. Leerink Partnrs also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.69) EPS, FY2024 earnings at ($2.56) EPS, FY2025 earnings at ($2.82) EPS and FY2026 earnings at ($1.63) EPS.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period in the previous year, the company posted ($0.59) EPS.

Several other analysts have also recently commented on COGT. Wedbush reiterated a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a research report on Tuesday, August 6th. HC Wainwright reiterated a “buy” rating and set a $19.00 target price on shares of Cogent Biosciences in a research report on Monday, June 17th. JPMorgan Chase & Co. dropped their target price on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research report on Wednesday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.50.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock opened at $8.58 on Friday. The firm has a fifty day moving average of $8.83 and a two-hundred day moving average of $7.55. The stock has a market capitalization of $820.33 million, a price-to-earnings ratio of -3.46 and a beta of 1.71. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $13.23.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in COGT. Kynam Capital Management LP grew its holdings in shares of Cogent Biosciences by 164.9% in the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after buying an additional 3,644,641 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after buying an additional 2,083,065 shares during the period. Vanguard Group Inc. grew its holdings in shares of 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 buying an additional 1,231,050 shares during the period. Redmile Group LLC boosted its stake 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 worth $26,629,000 after purchasing an additional 1,048,580 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its stake in Cogent Biosciences by 32.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after purchasing an additional 493,884 shares during the period.

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.