Cogent Biosciences (NASDAQ:COGT) Price Target Raised to $9.00

Cogent Biosciences (NASDAQ:COGT) had its price target upped by Robert W. Baird from $7.00 to $9.00 in a research report report published on Tuesday,Benzinga reports. Robert W. Baird currently has a neutral rating on the technology company’s stock.

A number of other brokerages have also weighed in on COGT. Leerink Partners upped their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an “outperform” rating in a research report on Monday. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $21.00 to $25.00 and gave the company an “overweight” rating in a research report on Thursday, May 29th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Wedbush reissued a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. Finally, HC Wainwright decreased their price objective on Cogent Biosciences from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 20th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $18.00.

Cogent Biosciences Price Performance

Shares of NASDAQ COGT opened at $10.85 on Tuesday. Cogent Biosciences has a 1 year low of $3.72 and a 1 year high of $12.61. The firm has a fifty day moving average price of $6.44 and a 200-day moving average price of $6.81. The stock has a market cap of $1.24 billion, a PE ratio of -5.90 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.04. On average, research analysts expect that Cogent Biosciences will post -2.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its holdings in shares of Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after buying an additional 8,249,845 shares during the period. Paradigm Biocapital Advisors LP increased its stake in Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after purchasing an additional 4,046,243 shares during the period. Vanguard Group Inc. increased its stake in Cogent Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock worth $47,840,000 after purchasing an additional 418,975 shares during the period. Adage Capital Partners GP L.L.C. lifted its position in shares of Cogent Biosciences by 5.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock worth $33,540,000 after purchasing an additional 233,966 shares during the last quarter. Finally, Vestal Point Capital LP purchased a new stake in shares of Cogent Biosciences during the first quarter valued at $17,970,000.

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.