Cogent Biosciences (NASDAQ:COGT) PT Lowered to $17.00

Cogent Biosciences (NASDAQ:COGT) had its price objective decreased by analysts at HC Wainwright from $19.00 to $17.00 in a report released on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. HC Wainwright’s price target would indicate a potential upside of 48.08% from the company’s current price.

COGT has been the topic of several other research reports. JPMorgan Chase & Co. decreased their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a report on Wednesday, August 7th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Price Performance

NASDAQ COGT opened at $11.48 on Tuesday. The company has a market cap of $1.10 billion, a PE ratio of -4.63 and a beta of 1.71. The stock’s 50 day simple moving average is $9.31 and its 200-day simple moving average is $8.07. Cogent Biosciences has a 1-year low of $3.67 and a 1-year high of $13.23.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter last year, the firm posted ($0.59) earnings per share. On average, equities research analysts anticipate that Cogent Biosciences will post -2.26 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 49 Wealth Management LLC increased its stake in Cogent Biosciences by 20.5% during the first quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock worth $91,000 after acquiring an additional 2,236 shares during the last quarter. SkyView Investment Advisors LLC increased its stake in Cogent Biosciences by 25.0% during the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,500 shares during the last quarter. ProShare Advisors LLC increased its stake in Cogent Biosciences by 15.3% during the first quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after acquiring an additional 2,953 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its stake in Cogent Biosciences by 8.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock worth $352,000 after acquiring an additional 3,912 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its stake in Cogent Biosciences by 12.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,211 shares of the technology company’s stock worth $237,000 after acquiring an additional 4,030 shares during the last quarter.

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.