JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cogent Biosciences (NASDAQ:COGT) Stock

Cogent Biosciences (NASDAQ:COGT) had its price objective lifted by investment analysts at JPMorgan Chase & Co. from $30.00 to $44.00 in a report released on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 196.30% from the company’s previous close.

A number of other equities analysts also recently commented on COGT. HC Wainwright decreased their price objective on shares of Cogent Biosciences from $22.00 to $21.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Wedbush reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. Citigroup lifted their price objective on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a “buy” rating in a report on Friday, July 18th. Raymond James Financial initiated coverage on shares of Cogent Biosciences in a report on Tuesday, September 2nd. They issued a “strong-buy” rating and a $30.00 price objective for the company. Finally, Robert W. Baird boosted their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Two equities 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 assigned a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $20.83.

Cogent Biosciences Trading Down 6.4%

Shares of NASDAQ:COGT opened at $14.85 on Tuesday. The company has a fifty day simple moving average of $13.58 and a 200 day simple moving average of $9.50. The firm has a market cap of $1.69 billion, a PE ratio of -8.34 and a beta of 0.30. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $17.15.

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, topping analysts’ consensus estimates of ($0.55) by $0.02. As a group, equities research analysts forecast that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. raised its holdings in Cogent Biosciences by 41.4% during the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after buying an additional 1,333 shares during the period. Strs Ohio acquired a new stake in Cogent Biosciences during the 1st quarter worth about $36,000. CWM LLC raised its holdings in Cogent Biosciences by 11,869.9% during 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. Ameritas Investment Partners Inc. raised its holdings in Cogent Biosciences by 16.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company’s stock worth $78,000 after buying an additional 1,543 shares during the period. Finally, Prudential Financial Inc. acquired a new stake in Cogent Biosciences during the 2nd quarter worth about $93,000.

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.