Cogent Biosciences (NASDAQ:COGT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Key Points

• JPMorgan Chase & Co. has increased its target price for Cogent Biosciences (NASDAQ:COGT) from $30.00 to $44.00, indicating a potential upside of 171.27% from its previous close.
• The company has received a mix of ratings from analysts, with a consensus rating of "Moderate Buy" and an average target price of $20.83.
• Cogent Biosciences recently reported quarterly earnings that beat consensus estimates, showing earnings per share of ($0.53) compared to the expected ($0.55).

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its target price upped by stock analysts at JPMorgan Chase & Co. from $30.00 to $44.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 171.27% from the stock's previous close.

Several other brokerages also recently issued reports on COGT. Guggenheim boosted their target price 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. Robert W. Baird boosted their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Stifel Nicolaus initiated coverage on shares of Cogent Biosciences in a report on Wednesday, October 15th. They set a "hold" rating and a $16.00 price target on the stock. Weiss Ratings restated a "sell (e+)" rating on shares of Cogent Biosciences in a report on Wednesday, October 8th. Finally, Jefferies Financial Group upped their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $20.83.

Cogent Biosciences Stock Performance

NASDAQ COGT opened at $16.22 on Tuesday. Cogent Biosciences has a 1 year low of $3.72 and a 1 year high of $17.00. The stock has a market capitalization of $1.85 billion, a P/E ratio of -9.11 and a beta of 0.30. The business's fifty day moving average is $13.44 and its two-hundred day moving average is $9.41.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Goldman Sachs Group Inc. raised its position in Cogent Biosciences by 14.3% in the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock worth $5,924,000 after purchasing an additional 124,069 shares in the last quarter. Exome Asset Management LLC acquired a new position in Cogent Biosciences in the first quarter worth about $3,724,000. Fox Run Management L.L.C. raised its position in Cogent Biosciences by 361.3% in the first quarter. Fox Run Management L.L.C. now owns 46,626 shares of the technology company's stock worth $279,000 after purchasing an additional 36,518 shares in the last quarter. Paradigm Biocapital Advisors LP increased its holdings in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after buying an additional 4,046,243 shares in the last quarter. Finally, Knott David M Jr acquired a new stake in shares of Cogent Biosciences during the first quarter worth approximately $1,278,000.

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.

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