Cogent Biosciences, Inc. (NASDAQ:COGT) Forecasted to Earn FY2023 Earnings of ($2.52) Per Share

Cogent Biosciences, Inc. (NASDAQ:COGT – Get Rating) – Stock analysts at Jefferies Financial Group cut their FY2023 earnings estimates for shares of Cogent Biosciences in a research note issued to investors on Tuesday, March 14th. Jefferies Financial Group analyst E. Yang now expects that the technology company will post earnings per share of ($2.52) for the year, down from their prior estimate of ($2.24). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.19) per share. Jefferies Financial Group also issued estimates for Cogent Biosciences’ FY2024 earnings at ($2.26) EPS, FY2025 earnings at ($2.29) EPS and FY2026 earnings at ($1.45) EPS.

Several other brokerages have also commented on COGT. SVB Leerink boosted their price target on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “outperform” rating in a report on Thursday, January 5th. Needham & Company LLC lowered their price target on shares of Cogent Biosciences from $24.00 to $23.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Guggenheim reaffirmed a “buy” rating and issued a $26.00 target price on shares of Cogent Biosciences in a research report on Wednesday.

Cogent Biosciences Trading Down 2.6 %

COGT opened at $11.46 on Friday. Cogent Biosciences has a 12-month low of $3.79 and a 12-month high of $18.07. The firm has a market capitalization of $525.09 million, a PE ratio of -4.68 and a beta of 1.75. The firm has a 50 day moving average of $13.36 and a two-hundred day moving average of $13.23.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently modified their holdings of COGT. US Bancorp DE lifted its holdings in shares of Cogent Biosciences by 70.9% during the third quarter. US Bancorp DE now owns 2,224 shares of the technology company’s stock worth $33,000 after purchasing an additional 923 shares during the period. Federated Hermes Inc. purchased a new position in shares of Cogent Biosciences in the third quarter valued at $46,000. Quantbot Technologies LP increased its position in Cogent Biosciences by 150.0% during the 2nd quarter. Quantbot Technologies LP now owns 6,000 shares of the technology company’s stock worth $54,000 after purchasing an additional 3,600 shares in the last quarter. Metropolitan Life Insurance Co NY increased its position in Cogent Biosciences by 46.2% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 3,857 shares of the technology company’s stock worth $58,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in Cogent Biosciences during the 1st quarter worth about $86,000.

Cogent Biosciences Company Profile

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Cogent Biosciences, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of precision therapies for genetically defined diseases. It focuses on CGT9486, a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17.