Cogent Biosciences' (COGT) "Buy" Rating Reiterated at Guggenheim

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "buy" rating restated by equities research analysts at Guggenheim in a research report issued to clients and investors on Tuesday,Benzinga reports. They currently have a $17.00 price objective on the technology company's stock. Guggenheim's price objective would suggest a potential upside of 82.60% from the company's current price.

Other research analysts also recently issued reports about the company. Jefferies Financial Group increased their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Monday. Leerink Partners increased their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $21.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Robert W. Baird increased their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday. Finally, Wedbush restated a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. Three analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $16.60.

Cogent Biosciences Stock Performance

NASDAQ:COGT traded down $0.04 during mid-day trading on Tuesday, hitting $9.31. The company had a trading volume of 549,219 shares, compared to its average volume of 1,466,682. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $12.61. The business's fifty day moving average is $6.13 and its two-hundred day moving average is $6.75. The firm has a market cap of $1.06 billion, a P/E ratio of -5.02 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.04. Equities analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Strs Ohio acquired a new position in Cogent Biosciences in the 1st quarter valued at $36,000. CWM LLC increased its stake in shares of Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after purchasing an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Cogent Biosciences in the 4th quarter valued at $78,000. Hsbc Holdings PLC bought a new stake in Cogent Biosciences during the 4th quarter worth $81,000. Finally, KLP Kapitalforvaltning AS bought a new stake in Cogent Biosciences during the 4th quarter worth $88,000.

Cogent Biosciences Company Profile

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.

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