Wedbush Reaffirms "Outperform" Rating for Cogent Biosciences (NASDAQ:COGT)

Key Points

• Wedbush reaffirmed an “Outperform” rating on Cogent Biosciences with a $55 price target, implying approximately 68% upside from the previous close.
• Analyst sentiment is broadly positive: MarketBeat reports a “Moderate Buy” consensus and an average target price of $51.56, despite two sell ratings.
• Cogent reported quarterly EPS of negative $0.52, beating estimates of negative $0.55, while institutional investors—including Assenagon Asset Management—recently increased or initiated positions.

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "outperform" rating reaffirmed by Wedbush in a research note issued on Wednesday, Benzinga reports. They presently have a $55.00 price objective on the technology company's stock. Wedbush's price target would suggest a potential upside of 67.99% from the stock's previous close.

Several other equities research analysts have also recently issued reports on COGT. Piper Sandler raised their target price 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. HC Wainwright reaffirmed a "buy" rating and issued a $55.00 target price on shares of Cogent Biosciences in a research report on Tuesday. Wall Street Zen lowered Cogent Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, September 5th. Guggenheim lifted their price objective on Cogent Biosciences from $45.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. One equities 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 issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.56.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $32.74 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 13.57 and a quick ratio of 13.57. The firm has a market cap of $5.68 billion, a PE ratio of -15.16 and a beta of 0.31. The firm has a 50 day simple moving average of $37.80 and a 200-day simple moving average of $36.31. Cogent Biosciences has a 1-year low of $11.60 and a 1-year high of $43.73.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.03. On average, equities analysts expect that Cogent Biosciences will post -2.25 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Sculptor Capital LP acquired a new position in Cogent Biosciences in the second quarter valued at approximately $1,935,000. SEB Asset Management AB bought a new stake in shares of Cogent Biosciences in the 1st quarter worth approximately $6,329,000. Assenagon Asset Management S.A. lifted its holdings in shares of Cogent Biosciences by 387.7% in the 2nd quarter. Assenagon Asset Management S.A. now owns 1,441,756 shares of the technology company's stock worth $55,796,000 after purchasing an additional 1,146,106 shares during the last quarter. Weiss Asset Management LP acquired a new position in Cogent Biosciences during the 1st quarter valued at approximately $13,322,000. Finally, Handelsbanken Fonder AB acquired a new position in Cogent Biosciences during the 2nd quarter valued at approximately $1,726,000.

Cogent Biosciences Company Profile

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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