Needham & Company LLC Reaffirms “Hold” Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “hold” rating reiterated by equities research analysts at Needham & Company LLC in a note issued to investors on Wednesday,Benzinga reports.

COGT has been the topic of a number of other research reports. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday. JPMorgan Chase & Co. upped their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Finally, HC Wainwright lowered their price target on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, Cogent Biosciences presently has an average rating of “Moderate Buy” and an average target price of $14.33.

Cogent Biosciences Price Performance

NASDAQ COGT opened at $6.99 on Wednesday. Cogent Biosciences has a 1-year low of $5.73 and a 1-year high of $12.61. The business has a 50 day simple moving average of $8.21 and a two-hundred day simple moving average of $9.58. The stock has a market capitalization of $772.13 million, a PE ratio of -2.82 and a beta of 1.77.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently made changes to their positions in the company. Creative Planning raised its position in Cogent Biosciences by 29.6% in the 3rd quarter. Creative Planning now owns 14,324 shares of the technology company’s stock worth $155,000 after purchasing an additional 3,272 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after buying an additional 1,104 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Cogent Biosciences by 87.4% during the third quarter. China Universal Asset Management Co. Ltd. now owns 21,051 shares of the technology company’s stock valued at $227,000 after buying an additional 9,819 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new stake in shares of Cogent Biosciences in the third quarter worth approximately $232,000. Finally, Victory Capital Management Inc. bought a new stake in shares of Cogent Biosciences during the 3rd quarter worth approximately $113,000.

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.