Cogent Biosciences, Inc. (NASDAQ:COGT) Given Average Recommendation of "Moderate Buy" by Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has earned an average recommendation of "Moderate Buy" from the eight analysts that are currently covering the company, Marketbeat Ratings reports. Three 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 12-month price objective among brokerages that have issued a report on the stock in the last year is $14.57.

A number of brokerages recently issued reports on COGT. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Scotiabank began coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 price objective for the company. HC Wainwright cut their price target on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, May 20th. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a research report on Friday, March 7th. Finally, Robert W. Baird lowered their price objective on Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th.

Cogent Biosciences Stock Performance

Cogent Biosciences stock traded down $0.14 during midday trading on Friday, hitting $7.08. 1,448,127 shares of the company were exchanged, compared to its average volume of 1,302,622. The business has a fifty day simple moving average of $5.11 and a two-hundred day simple moving average of $6.95. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $12.61. The firm has a market capitalization of $806.10 million, a PE ratio of -2.85 and a beta of 1.82.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. As a group, equities analysts expect that Cogent Biosciences will post -2.42 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

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

About Cogent Biosciences

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.