Wedbush Lowers 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) - Wedbush lowered their FY2025 EPS estimates for shares of Cogent Biosciences in a research note issued on Tuesday, August 5th. Wedbush analyst D. Nierengarten now forecasts that the technology company will post earnings of ($2.21) per share for the year, down from their prior estimate of ($1.49). Wedbush has a "Neutral" rating and a $10.00 price objective on the stock. The consensus estimate for Cogent Biosciences' current full-year earnings is ($2.42) per share.

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

COGT has been the subject of several other research reports. 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, July 8th. Leerink Partners lifted their price objective on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday, July 7th. HC Wainwright cut their price target on shares of Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Guggenheim restated a "buy" rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, July 8th. Finally, Jefferies Financial Group boosted their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $18.70.

Cogent Biosciences Stock Up 5.1%

Shares of COGT stock traded up $0.56 during mid-day trading on Friday, hitting $11.49. 603,713 shares of the stock were exchanged, compared to its average volume of 2,001,063. The firm has a fifty day moving average of $9.35 and a 200 day moving average of $7.37. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $12.97. The company has a market cap of $1.31 billion, a PE ratio of -6.47 and a beta of 0.36.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in Cogent Biosciences by 20.0% during the 2nd quarter. Rhumbline Advisers now owns 156,517 shares of the technology company's stock worth $1,124,000 after purchasing an additional 26,059 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Cogent Biosciences by 15.7% in the 2nd quarter. Legal & General Group Plc now owns 80,045 shares of the technology company's stock valued at $575,000 after buying an additional 10,878 shares during the last quarter. Ensign Peak Advisors Inc lifted its holdings in Cogent Biosciences by 162.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 49,325 shares of the technology company's stock valued at $354,000 after purchasing an additional 30,500 shares during the last quarter. Creative Planning lifted its holdings in Cogent Biosciences by 411.5% during the 2nd quarter. Creative Planning now owns 53,675 shares of the technology company's stock valued at $385,000 after purchasing an additional 43,181 shares during the last quarter. Finally, Candriam S.C.A. acquired a new stake in Cogent Biosciences during the 2nd quarter valued at $3,068,000.

Insider Activity at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the company's stock in a transaction that occurred on Thursday, July 10th. The shares were acquired at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 7.29% of the stock is currently owned by corporate insiders.

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.