Cogent Biosciences’ (COGT) “Outperform” Rating Reaffirmed at Wedbush

Wedbush reissued their outperform rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has a $55.00 price target on the technology company’s stock.

Several other analysts have also weighed in on COGT. Weiss Ratings reissued a “sell (e+)” rating on shares of Cogent Biosciences in a report on Monday, December 29th. HC Wainwright lifted their target price on Cogent Biosciences to $52.00 and gave the stock a “buy” rating in a research report on Tuesday, January 6th. Robert W. Baird set a $35.00 price target on Cogent Biosciences in a report on Thursday, February 19th. UBS Group raised Cogent Biosciences to a “strong-buy” rating in a research report on Wednesday, January 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research note on Monday, December 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $43.45.

Cogent Biosciences Trading Down 0.7%

NASDAQ COGT opened at $35.42 on Tuesday. The company has a market capitalization of $5.75 billion, a price-to-earnings ratio of -16.40 and a beta of 0.47. The company has a debt-to-equity ratio of 0.41, a current ratio of 14.23 and a quick ratio of 14.23. Cogent Biosciences has a 12 month low of $3.72 and a 12 month high of $43.73. The company’s fifty day moving average price is $37.36 and its two-hundred day moving average price is $29.37.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, February 17th. The technology company reported ($0.55) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.04). As a group, research analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $36.40, for a total transaction of $127,400,000.00. Following the completion of the sale, the director directly owned 5,503,418 shares of the company’s stock, valued at approximately $200,324,415.20. This represents a 38.87% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Evan Kearns sold 65,000 shares of the firm’s stock in a transaction on Friday, December 26th. The shares were sold at an average price of $38.70, for a total transaction of $2,515,500.00. Following the completion of the transaction, the insider owned 109,398 shares in the company, valued at $4,233,702.60. The trade was a 37.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 3,737,642 shares of company stock worth $136,600,345. 7.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds have recently bought and sold shares of COGT. EverSource Wealth Advisors LLC increased its stake in shares of Cogent Biosciences by 1,164.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 708 shares of the technology company’s stock worth $25,000 after purchasing an additional 652 shares during the period. Osaic Holdings Inc. boosted its stake in Cogent Biosciences by 41.4% during the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after purchasing an additional 1,333 shares during the period. Strs Ohio bought a new stake in Cogent Biosciences during the 1st quarter valued at approximately $36,000. Global Retirement Partners LLC acquired a new stake in Cogent Biosciences in the 4th quarter valued at approximately $37,000. Finally, PNC Financial Services Group Inc. increased its position in Cogent Biosciences by 414.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 1,281 shares of the technology company’s stock worth $46,000 after buying an additional 1,032 shares during the period.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.