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

Key Points

• HC Wainwright reaffirmed a “buy” rating on Cogent Biosciences and set a $55 price target, implying approximately 65.8% upside from the reported $33.17 share price.
• Analyst sentiment is broadly positive: Cogent has a consensus rating of “Moderate Buy” and an average price target of $51.56, though one analyst assigned a sell rating.
• Cogent reported quarterly adjusted EPS of -$0.52, beating the consensus estimate of -$0.55. The clinical-stage biotech is developing bezuclastinib, a targeted treatment candidate for systemic mastocytosis.

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "buy" rating restated by equities researchers at HC Wainwright in a research note issued on Tuesday, Benzinga reports. They currently have a $55.00 price objective on the technology company's stock. HC Wainwright's price target would suggest a potential upside of 65.79% from the company's current price.

Several other research analysts have also weighed in on the stock. Wedbush restated an "outperform" rating and set a $55.00 target price on shares of Cogent Biosciences in a research report on Friday, May 29th. Weiss Ratings reissued a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. Piper Sandler boosted their target price on Cogent Biosciences from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Guggenheim upped their target price on Cogent Biosciences from $45.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 12th. Finally, Wall Street Zen downgraded shares of Cogent Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, September 5th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Cogent Biosciences currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.56.

Cogent Biosciences Price Performance

COGT stock traded down $0.23 on Tuesday, reaching $33.17. 64,514 shares of the company's stock were exchanged, compared to its average volume of 2,144,351. The stock has a fifty day moving average of $37.95 and a 200-day moving average of $36.36. Cogent Biosciences has a twelve month low of $11.60 and a twelve month high of $43.73. The firm has a market cap of $5.76 billion, a PE ratio of -15.31 and a beta of 0.31. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Monday, August 10th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.03. As a group, equities analysts predict that Cogent Biosciences will post -2.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Large investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Cogent Biosciences in the second quarter valued at approximately $671,547,000. California State Teachers Retirement System increased its holdings in shares of Cogent Biosciences by 5,327.5% during the second quarter. California State Teachers Retirement System now owns 5,480,733 shares of the technology company's stock valued at $212,104,000 after purchasing an additional 5,379,753 shares during the period. Pictet Asset Management Holding SA raised its position in shares of Cogent Biosciences by 1,499.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,798,768 shares of the technology company's stock worth $68,826,000 after buying an additional 1,686,292 shares in the last quarter. Elmind Capital LP bought a new position in shares of Cogent Biosciences in the fourth quarter valued at approximately $41,585,000. Finally, Assenagon Asset Management S.A. increased its stake in shares of Cogent Biosciences by 387.7% during the second quarter. Assenagon Asset Management S.A. now owns 1,441,756 shares of the technology company's stock valued at $55,796,000 after acquiring an additional 1,146,106 shares during the period.

About Cogent Biosciences

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses its research platform to discover and advance targeted therapies designed to address the underlying drivers of serious medical conditions.

Cogent's lead product candidate is bezuclastinib, an oral, highly selective tyrosine kinase inhibitor designed to target the KIT D816V mutation and other KIT alterations. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both non-advanced and advanced forms of the disease.

Cogent Biosciences is headquartered in Boulder, Colorado, and conducts its clinical development activities through studies involving patients and research sites in multiple regions.

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