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

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its target price upped by analysts at JPMorgan Chase & Co. from $21.00 to $25.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target indicates a potential upside of 364.68% from the company's current price.

Several other equities research analysts have also recently issued reports on the company. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. 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 target price on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, May 20th. Robert W. Baird reduced their target price on Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a report on Wednesday, May 7th. Finally, Scotiabank initiated coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price on the stock. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cogent Biosciences has an average rating of "Moderate Buy" and an average target price of $14.57.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock traded down $0.13 during trading hours on Thursday, hitting $5.38. The company's stock had a trading volume of 2,296,259 shares, compared to its average volume of 1,273,043. The business has a 50 day moving average price of $4.97 and a two-hundred day moving average price of $7.12. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.61. The company has a market cap of $612.55 million, a PE ratio of -2.17 and a beta of 1.91.

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

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the company. FMR LLC grew its position in Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after purchasing an additional 8,249,845 shares during the period. Paradigm Biocapital Advisors LP grew its position in shares of 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 valued at $53,692,000 after acquiring an additional 4,046,243 shares during the period. Vanguard Group Inc. grew its position in shares of Cogent Biosciences by 7.3% during the 4th quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company's stock valued at $47,840,000 after acquiring an additional 418,975 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Cogent Biosciences by 5.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company's stock valued at $33,540,000 after buying an additional 233,966 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new position in Cogent Biosciences in the 1st quarter valued at about $17,970,000.

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.