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

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its price objective boosted by equities research analysts at JPMorgan Chase & Co. from $25.00 to $29.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s target price indicates a potential upside of 169.52% from the company's current price.

Other research analysts have also recently issued reports about the company. Jefferies Financial Group lifted their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a report on Monday. Wedbush reaffirmed a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Leerink Partners boosted their target price on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Guggenheim reiterated a "buy" rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Cogent Biosciences Stock Down 0.8%

COGT traded down $0.09 during trading on Thursday, reaching $10.76. 281,729 shares of the company's stock were exchanged, compared to its average volume of 1,555,032. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $12.61. The business has a 50 day moving average price of $6.44 and a 200 day moving average price of $6.81. The company has a market capitalization of $1.23 billion, a P/E ratio of -5.87 and a beta of 1.88.

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

Institutional Trading of Cogent Biosciences

Several large investors have recently bought and sold shares of the business. Balyasny Asset Management L.P. boosted its stake 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 buying an additional 1,687 shares in the last quarter. Teacher Retirement System of Texas boosted its stake 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 valued at $140,000 after buying an additional 2,396 shares in the last quarter. Arizona State Retirement System boosted its stake 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 valued at $123,000 after buying an additional 3,142 shares in the last quarter. MetLife Investment Management LLC boosted its stake 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 valued at $443,000 after buying an additional 3,382 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in 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 in the last quarter.

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.