Cogent Biosciences (NASDAQ:COGT) Receives “Outperform” Rating from Wedbush

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “outperform” rating reissued by investment analysts at Wedbush in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $55.00 target price on the technology company’s stock. Wedbush’s target price would suggest a potential upside of 67.99% from the stock’s current price.

Other equities analysts have also issued reports about the company. HC Wainwright reissued a “buy” rating and issued a $55.00 price objective on shares of Cogent Biosciences in a report on Tuesday. Guggenheim increased their price target on Cogent Biosciences from $45.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 12th. Wall Street Zen lowered Cogent Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, September 5th. Piper Sandler lifted their price objective on shares of Cogent Biosciences from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, August 17th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cogent Biosciences in a report on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $51.56.

Cogent Biosciences Trading Down 2.0%

Cogent Biosciences stock opened at $32.74 on Wednesday. The company has a quick ratio of 13.57, a current ratio of 13.57 and a debt-to-equity ratio of 0.48. The firm has a 50-day moving average price of $37.80 and a two-hundred day moving average price of $36.31. The firm has a market capitalization of $5.68 billion, a price-to-earnings ratio of -15.16 and a beta of 0.31. Cogent Biosciences has a 52-week low of $11.60 and a 52-week high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Monday, August 10th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.03. Sell-side analysts expect that Cogent Biosciences will post -2.25 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new stake in Cogent Biosciences during the second quarter valued at approximately $671,547,000. Wellington Management Group LLP grew its position in Cogent Biosciences by 21.4% in the second quarter. Wellington Management Group LLP now owns 4,343,977 shares of the technology company’s stock worth $168,112,000 after buying an additional 765,355 shares during the last quarter. Geode Capital Management LLC grew its position in Cogent Biosciences by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 3,514,562 shares of the technology company’s stock worth $124,862,000 after buying an additional 240,407 shares during the last quarter. Commodore Capital LP increased its holdings in shares of Cogent Biosciences by 31.5% in the first quarter. Commodore Capital LP now owns 2,888,007 shares of the technology company’s stock valued at $111,159,000 after buying an additional 691,162 shares in the last quarter. Finally, Pictet Asset Management Holding SA lifted its position in shares of Cogent Biosciences by 1,499.2% during the 1st quarter. Pictet Asset Management Holding SA now owns 1,798,768 shares of the technology company’s stock valued at $68,826,000 after acquiring an additional 1,686,292 shares during the last quarter.

Cogent Biosciences Company Profile

Cogent Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for genetically defined diseases. The company uses its research platform to discover and advance targeted therapies designed to address the underlying drivers of serious medical conditions.

Cogent’s lead product candidate is bezuclastinib, an oral, highly selective tyrosine kinase inhibitor designed to target the KIT D816V mutation and other KIT alterations. The company is developing bezuclastinib for systemic mastocytosis, a rare disorder involving the abnormal accumulation of mast cells, including both non-advanced and advanced forms of the disease.

Cogent Biosciences is headquartered in Boulder, Colorado, and conducts its clinical development activities through studies involving patients and research sites in multiple regions.