Cogent Biosciences (NASDAQ:COGT) Receives "Hold" Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their hold rating on shares of Cogent Biosciences (NASDAQ:COGT - Free Report) in a research report report published on Tuesday morning,Benzinga reports.

Other research analysts have also recently issued reports about the stock. Wedbush reaffirmed a "neutral" rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, February 25th. HC Wainwright reduced their price objective on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Scotiabank began coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 target price on the stock. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Finally, Robert W. Baird cut their price target on Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating for the company in a research note on Wednesday, May 7th. Three 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's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $14.57.

Cogent Biosciences Stock Down 0.1%

Shares of Cogent Biosciences stock traded down $0.01 during trading on Tuesday, reaching $7.23. The company's stock had a trading volume of 4,013,344 shares, compared to its average volume of 1,328,845. The business has a 50 day moving average price of $5.42 and a 200-day moving average price of $6.87. The company has a market capitalization of $823.21 million, a P/E ratio of -3.93 and a beta of 1.82. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.61.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its 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. Research analysts predict that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of large investors have recently bought and sold shares of COGT. FMR LLC raised its holdings in shares of Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after acquiring an additional 8,249,845 shares during the last quarter. Paradigm Biocapital Advisors LP increased its position in Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after purchasing an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP acquired a new position in Cogent Biosciences in the 1st quarter valued at about $17,970,000. Octagon Capital Advisors LP raised its stake in Cogent Biosciences by 111.7% in the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after purchasing an additional 1,458,000 shares during the last quarter. Finally, Woodline Partners LP lifted its holdings in Cogent Biosciences by 175.2% in the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock valued at $10,108,000 after purchasing an additional 1,074,375 shares in the last quarter.

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.