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

Key Points

• Cogent Biosciences has a consensus rating of "Moderate Buy" from thirteen analysts, with varying recommendations including one sell, three holds, seven buys, and two strong buys.
• The average 12-month price target for Cogent Biosciences is $19.67, reflecting optimistic outlooks from several research firms increasing their price objectives recently.
• Paradigm Biocapital Advisors LP significantly increased its stake in Cogent Biosciences by 82.3%, highlighting strong institutional interest in the stock.

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) have earned a consensus rating of "Moderate Buy" from the thirteen ratings firms that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation, seven have issued a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $19.6667.

A number of research firms have issued reports on COGT. Robert W. Baird raised their target price on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Jefferies Financial Group boosted their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Leerink Partners increased their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, July 7th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Cogent Biosciences in a research note on Wednesday, October 8th. Finally, Guggenheim upped their price target on shares of Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently made changes to their positions in the stock. Paradigm Biocapital Advisors LP grew its position in shares of Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after purchasing an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP bought a new position in Cogent Biosciences in the 1st quarter worth about $17,970,000. Emerald Advisers LLC purchased a new position in Cogent Biosciences during the 2nd quarter valued at about $10,381,000. Woodline Partners LP increased its position in shares of Cogent Biosciences by 175.2% during the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock valued at $10,108,000 after buying an additional 1,074,375 shares during the period. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Cogent Biosciences in the second quarter worth about $6,429,000.

Cogent Biosciences Stock Performance

Shares of COGT stock opened at $16.57 on Thursday. The firm has a market cap of $1.89 billion, a price-to-earnings ratio of -9.31 and a beta of 0.30. Cogent Biosciences has a 52 week low of $3.72 and a 52 week high of $16.99. The firm's 50-day simple moving average is $13.12 and its two-hundred day simple moving average is $9.14.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.55) by $0.02. Analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current year.

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.

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