Cogent Biosciences’ (COGT) Buy Rating Reiterated at HC Wainwright

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating restated by equities researchers at HC Wainwright in a report released on Tuesday,Benzinga reports. They presently have a $21.00 price target on the technology company’s stock. HC Wainwright’s target price indicates a potential upside of 35.48% from the stock’s current price.

A number of other brokerages have also recently commented on COGT. Guggenheim increased their price target 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. Stifel Nicolaus began coverage on Cogent Biosciences in a research report on Wednesday, October 15th. They set a “hold” rating and a $16.00 price target on the stock. Jefferies Financial Group upped their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a “buy” rating in a research note on Monday, July 7th. Citigroup lifted their target price on Cogent Biosciences from $15.00 to $22.00 and gave the stock a “buy” rating in a research note on Friday, July 18th. Finally, Robert W. Baird increased their price target on Cogent Biosciences from $7.00 to $9.00 and gave the company a “neutral” rating in a research note on Tuesday, July 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $20.83.

Cogent Biosciences Stock Performance

COGT opened at $15.50 on Tuesday. The firm’s fifty day moving average is $14.21 and its two-hundred day moving average is $10.25. Cogent Biosciences has a twelve month low of $3.72 and a twelve month high of $17.15. The firm has a market cap of $1.76 billion, a PE ratio of -8.71 and a beta of 0.41.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly 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. Equities analysts forecast that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

Several institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. raised its holdings in Cogent Biosciences by 14.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company’s stock valued at $5,924,000 after acquiring an additional 124,069 shares during the period. Exome Asset Management LLC bought a new stake in shares of Cogent Biosciences during the 1st quarter valued at about $3,724,000. Fox Run Management L.L.C. raised its stake 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 valued at $279,000 after purchasing an additional 36,518 shares in the last quarter. Paradigm Biocapital Advisors LP lifted its position in 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 valued at $53,692,000 after purchasing an additional 4,046,243 shares during the last quarter. Finally, Knott David M Jr purchased a new position in Cogent Biosciences in the 1st 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.