HC Wainwright Issues Positive Forecast for Cogent Biosciences (NASDAQ:COGT) Stock Price

Key Points

• HC Wainwright raised its price target on Cogent Biosciences from $55 to $56 and maintained a Buy rating, implying 76.94% upside from the previous close.
• Analyst views are broadly positive but mixed: MarketBeat reports a Moderate Buy consensus and average price target of $51.67, alongside one Sell rating.
• Cogent reported a quarterly loss of $0.59 per share, missing analysts’ estimate of a $0.56 loss per share.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its target price lifted by research analysts at HC Wainwright from $55.00 to $56.00 in a note issued to investors on Monday, Benzinga reports. The brokerage presently has a "buy" rating on the technology company's stock. HC Wainwright's price objective points to a potential upside of 76.94% from the stock's previous close.

Other research analysts also recently issued research reports about the stock. Piper Sandler upped their price target on shares of Cogent Biosciences from $52.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, August 17th. Wedbush restated an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research report on Wednesday, September 16th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Friday, October 2nd. Guggenheim boosted their target price on shares of Cogent Biosciences from $45.00 to $52.00 and gave the stock a "buy" rating in a research note on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Cogent Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, September 5th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.67.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT opened at $31.65 on Monday. The company has a current ratio of 13.57, a quick ratio of 13.57 and a debt-to-equity ratio of 0.48. Cogent Biosciences has a one year low of $13.93 and a one year high of $43.73. The business has a 50-day moving average price of $31.83 and a two-hundred day moving average price of $35.52. The firm has a market capitalization of $5.49 billion, a PE ratio of -14.07 and a beta of 0.36.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results on Monday, November 9th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). As a group, analysts predict that Cogent Biosciences will post -2.23 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Institutional investors have recently modified their holdings of the business. BlackRock Inc. bought a new position in Cogent Biosciences during the second quarter valued at approximately $671,547,000. Elmind Capital LP purchased a new position in Cogent Biosciences during the 2nd quarter valued at approximately $45,307,638. Assenagon Asset Management S.A. grew its holdings in Cogent Biosciences by 387.7% during the 2nd quarter. Assenagon Asset Management S.A. now owns 1,441,756 shares of the technology company's stock valued at $55,796,000 after buying an additional 1,146,106 shares in the last quarter. Wellington Management Group LLP increased its stake in Cogent Biosciences by 21.4% in the 2nd quarter. Wellington Management Group LLP now owns 4,343,977 shares of the technology company's stock worth $168,112,000 after acquiring an additional 765,355 shares during the last quarter. Finally, Commodore Capital LP increased its stake in Cogent Biosciences by 31.5% in the 1st quarter. Commodore Capital LP now owns 2,888,007 shares of the technology company's stock worth $111,159,000 after acquiring an additional 691,162 shares during the last quarter.

About Cogent Biosciences

Cogent Biosciences is a clinical-stage biotechnology company developing precision medicines for diseases driven by specific genetic mutations. Its research focuses on targeted therapies intended to address the underlying causes of these conditions.

The company's lead investigational medicine, bezuclastinib, is a selective inhibitor of the KIT protein. Cogent has studied it in clinical programs for systemic mastocytosis and gastrointestinal stromal tumors (GIST), conditions in which abnormal KIT signaling can play a role.

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