Wedbush Decreases Earnings Estimates for Cogent Biosciences

Key Points

• Wedbush has lowered its FY2025 earnings per share estimate for Cogent Biosciences to ($2.21), a significant decrease from the previous estimate of ($1.49), maintaining a "Neutral" rating and $10.00 price target.
• Several analysts have varied opinions on COGT, with HC Wainwright reducing its price target to $21.00 while others like Jefferies raised it to $28.00, showcasing mixed sentiment in the market.
• Cogent Biosciences shares rose 1.6% to $11.04, with a market cap of $1.26 billion and a PE ratio of -6.21, indicating ongoing trading activity despite the pessimistic outlook.

Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) - Investment analysts at Wedbush reduced their FY2025 earnings estimates for shares of Cogent Biosciences in a note issued to investors on Tuesday, August 5th. Wedbush analyst D. Nierengarten now forecasts that the technology company will earn ($2.21) per share for the year, down from their prior forecast of ($1.49). Wedbush currently has a "Neutral" rating and a $10.00 price target on the stock. The consensus estimate for Cogent Biosciences' current full-year earnings is ($2.42) per share.

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday. Guggenheim reaffirmed a "buy" rating and set a $17.00 target price on shares of Cogent Biosciences in a report on Tuesday, July 8th. Jefferies Financial Group upped their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Finally, Citigroup upped their target price on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $18.70.

Cogent Biosciences Price Performance

Shares of COGT stock traded up $0.10 during mid-day trading on Friday, reaching $10.96. The stock had a trading volume of 1,331,775 shares, compared to its average volume of 2,306,581. The stock's 50-day moving average price is $9.24 and its two-hundred day moving average price is $7.36. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $12.97.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.02.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently made changes to their positions in the company. Strs Ohio purchased a new position in Cogent Biosciences in the 1st quarter worth about $36,000. CWM LLC increased its stake in Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after buying an additional 8,665 shares during the period. Schonfeld Strategic Advisors LLC purchased a new position in Cogent Biosciences in the 4th quarter worth about $78,000. Hsbc Holdings PLC purchased a new position in Cogent Biosciences in the 4th quarter worth about $81,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Cogent Biosciences in the 4th quarter worth about $88,000.

Insider Activity

In other news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the stock in a transaction dated Thursday, July 10th. The stock was purchased at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the acquisition, the director owned 9,003,418 shares of the company's stock, valued at $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 7.29% of the company's stock.

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.