Needham & Company LLC Reiterates “Hold” Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “hold” rating reissued by Needham & Company LLC in a report issued on Monday,Benzinga reports.

Other research analysts have also issued research reports about the stock. Robert W. Baird boosted their target price on shares of Cogent Biosciences from $14.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $30.00 to $44.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Guggenheim boosted their target price on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Stifel Nicolaus upgraded shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a research report on Monday, November 10th. Finally, Leerink Partners upped their target price on shares of Cogent Biosciences from $18.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Two 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 stock. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $35.73.

Cogent Biosciences Price Performance

COGT stock opened at $38.53 on Monday. The company’s fifty day moving average price is $25.05 and its 200-day moving average price is $15.50. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.38 and a current ratio of 6.38. The company has a market capitalization of $5.49 billion, a PE ratio of -23.49 and a beta of 0.50. Cogent Biosciences has a one year low of $3.72 and a one year high of $43.73.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Monday, November 3rd. The technology company reported ($0.50) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.04. On average, equities analysts anticipate that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

Several large investors have recently made changes to their positions in the company. Deerfield Management Company L.P. raised its holdings in shares of Cogent Biosciences by 242.9% in the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after purchasing an additional 6,412,903 shares during the last quarter. Fairmount Funds Management LLC boosted its holdings in shares of Cogent Biosciences by 44.6% in the third quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock worth $129,289,000 after acquiring an additional 2,777,777 shares during the period. Paradigm Biocapital Advisors LP increased its holdings in Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after acquiring an additional 4,046,243 shares during the period. Vanguard Group Inc. raised its holdings in shares of Cogent Biosciences by 18.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,757,662 shares of the technology company’s stock valued at $111,400,000 after acquiring an additional 1,234,711 shares in the last quarter. Finally, Commodore Capital LP raised its position in Cogent Biosciences by 213.7% during the third quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock valued at $104,110,000 after purchasing an additional 4,938,836 shares in 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.