Cogent Biosciences (NASDAQ:COGT) Price Target Raised to $29.00 at JPMorgan Chase & Co.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its price target upped by equities researchers at JPMorgan Chase & Co. from $25.00 to $29.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 164.12% from the stock's current price.

COGT has been the subject of several other research reports. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Wedbush reissued a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a research report on Monday, June 30th. Guggenheim reissued a "buy" rating and issued a $17.00 price target on shares of Cogent Biosciences in a research report on Tuesday. Jefferies Financial Group raised their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, Robert W. Baird raised their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $18.00.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded up $0.13 during mid-day trading on Thursday, reaching $10.98. 3,386,326 shares of the company were exchanged, compared to its average volume of 1,570,620. The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -5.97 and a beta of 1.88. The firm's 50-day simple moving average is $6.54 and its 200 day simple moving average is $6.84. Cogent Biosciences has a 1 year low of $3.72 and a 1 year 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, beating the consensus estimate of ($0.56) by $0.04. On average, research analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Balyasny Asset Management L.P. lifted its position 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 valued at $162,000 after acquiring an additional 1,687 shares during the last quarter. Teacher Retirement System of Texas raised its holdings in shares of 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 valued at $140,000 after buying an additional 2,396 shares during the last quarter. Arizona State Retirement System raised its holdings in shares of Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after buying an additional 3,142 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Cogent Biosciences by 6.3% in the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock valued at $443,000 after buying an additional 3,382 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Cogent Biosciences by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock valued at $377,000 after buying an additional 3,693 shares during 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.