Wedbush Reduces Earnings Estimates for Cogent Biosciences

Cogent Biosciences, Inc. (NASDAQ:COGT) – Analysts at Wedbush decreased their FY2024 earnings per share (EPS) estimates for shares of Cogent Biosciences in a research report issued on Tuesday, November 12th. Wedbush analyst D. Nierengarten now forecasts that the technology company will earn ($2.40) per share for the year, down from their prior estimate of ($2.09). Wedbush has a “Neutral” rating and a $11.00 price objective on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.29) per share. Wedbush also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.55) EPS, Q1 2025 earnings at ($0.47) EPS, Q2 2025 earnings at ($0.44) EPS, Q3 2025 earnings at ($0.43) EPS, Q4 2025 earnings at ($0.42) EPS, FY2025 earnings at ($1.76) EPS, FY2026 earnings at ($1.46) EPS and FY2027 earnings at ($1.17) EPS.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the previous year, the firm posted ($0.64) earnings per share.

A number of other research analysts have also weighed in on COGT. Needham & Company LLC reduced their price target on Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Wednesday. Citigroup increased their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 price objective on shares of Cogent Biosciences in a research note on Monday, November 4th. Robert W. Baird raised their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Finally, JPMorgan Chase & Co. upped their price target on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Trading Down 7.2 %

Shares of NASDAQ COGT opened at $9.65 on Friday. The company has a 50-day simple moving average of $11.02 and a 200-day simple moving average of $9.53. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $12.61.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently bought and sold shares of COGT. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. raised its position in Cogent Biosciences by 38.7% in 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 purchasing an additional 1,104 shares during the period. Russell Investments Group Ltd. lifted its stake in shares of Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after purchasing an additional 7,020 shares in the last quarter. nVerses Capital LLC purchased a new stake in shares of Cogent Biosciences in the third quarter worth about $76,000. Finally, Quest Partners LLC acquired a new stake in shares of Cogent Biosciences in the second quarter valued at about $89,000.

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.