HC Wainwright Has Lowered Expectations for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT) had its price objective reduced by research analysts at HC Wainwright from $14.00 to $12.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. HC Wainwright’s price target suggests a potential upside of 140.96% from the stock’s previous close.

Other equities analysts have also recently issued research reports about the company. Wedbush reissued a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Scotiabank assumed coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target on the stock. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. Robert W. Baird lowered their price target on Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and an average price target of $14.00.

Cogent Biosciences Stock Down 6.2%

Shares of COGT stock opened at $4.98 on Tuesday. The stock has a market cap of $567.00 million, a PE ratio of -2.01 and a beta of 1.91. The business has a 50-day simple moving average of $5.28 and a 200-day simple moving average of $7.38. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. Sell-side analysts anticipate that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in COGT. Barclays PLC lifted its position in shares of Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Cogent Biosciences by 9.7% in the third quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock valued at $700,000 after acquiring an additional 5,720 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Cogent Biosciences by 2,865.3% in the fourth quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock valued at $7,525,000 after acquiring an additional 932,179 shares in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Cogent Biosciences by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after acquiring an additional 2,371 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in shares of Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after acquiring an additional 2,200 shares in the last quarter.

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.