Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Consensus Recommendation of "Moderate Buy" from Brokerages

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the eight brokerages that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The average twelve-month target price among analysts that have issued ratings on the stock in the last year is $14.57.

A number of analysts have commented on the stock. Wedbush reaffirmed a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday, May 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Robert W. Baird reduced their price objective on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Finally, HC Wainwright reduced their price objective on shares of Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a research note on Tuesday, May 20th.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently made changes to their positions in COGT. Balyasny Asset Management L.P. increased its holdings in Cogent Biosciences by 8.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after buying an additional 1,687 shares during the last quarter. New York State Common Retirement Fund increased its holdings in Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company's stock worth $180,000 after buying an additional 2,200 shares during the last quarter. Teacher Retirement System of Texas increased its holdings in Cogent Biosciences by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock worth $140,000 after buying an additional 2,396 shares during the last quarter. Arizona State Retirement System increased its holdings in Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after buying an additional 3,142 shares during the last quarter. Finally, MetLife Investment Management LLC increased its holdings in Cogent Biosciences by 6.3% in the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock worth $443,000 after buying an additional 3,382 shares during the last quarter.

Cogent Biosciences Stock Performance

NASDAQ COGT traded up $0.41 on Friday, reaching $7.49. The company's stock had a trading volume of 1,783,034 shares, compared to its average volume of 1,305,638. Cogent Biosciences has a twelve month low of $3.72 and a twelve month high of $12.61. The stock has a market cap of $852.78 million, a PE ratio of -3.02 and a beta of 1.82. The firm's 50 day moving average is $5.23 and its two-hundred day moving average is $6.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. Equities research analysts anticipate that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

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.