Cogent Biosciences (NASDAQ:COGT) Earns "Buy" Rating from Guggenheim

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "buy" rating reaffirmed by equities researchers at Guggenheim in a report released on Tuesday,Benzinga reports. They presently have a $17.00 price objective on the technology company's stock. Guggenheim's target price points to a potential upside of 54.83% from the company's current price.

Several other analysts have also recently commented on the company. Wedbush reiterated a "neutral" rating and set a $10.00 price target on shares of Cogent Biosciences in a research report on Monday, June 30th. HC Wainwright dropped their target price on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Robert W. Baird upped their target price on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Leerink Partners upped their target price on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Monday. Three investment 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 stock. According to data from MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Cogent Biosciences Stock Up 1.2%

Shares of COGT stock traded up $0.13 during trading hours on Tuesday, hitting $10.98. 3,386,326 shares of the company's stock were exchanged, compared to its average volume of 1,570,620. The firm has a market cap of $1.25 billion, a P/E ratio of -5.97 and a beta of 1.88. The firm has a 50 day moving average of $6.54 and a two-hundred day moving average of $6.84. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $12.61.

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

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. grew its holdings in shares of Cogent Biosciences by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock worth $5,924,000 after purchasing an additional 124,069 shares during the period. Rhumbline Advisers grew its holdings in shares of Cogent Biosciences by 3.9% during the 1st quarter. Rhumbline Advisers now owns 130,458 shares of the technology company's stock worth $781,000 after purchasing an additional 4,877 shares during the period. Strs Ohio purchased a new position in shares of Cogent Biosciences during the 1st quarter worth $36,000. Jane Street Group LLC grew its holdings in shares of Cogent Biosciences by 66.2% during the 1st quarter. Jane Street Group LLC now owns 123,822 shares of the technology company's stock worth $742,000 after purchasing an additional 49,338 shares during the period. Finally, Woodline Partners LP grew its holdings in shares of Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock worth $10,108,000 after purchasing an additional 1,074,375 shares during the period.

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.