Wedbush Equities Analysts Raise Earnings Estimates for Cogent Biosciences, Inc. (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT – Get Rating) – Equities researchers at Wedbush raised their Q1 2023 earnings per share (EPS) estimates for Cogent Biosciences in a research report issued to clients and investors on Tuesday, March 14th. Wedbush analyst D. Nierengarten now anticipates that the technology company will post earnings of ($0.49) per share for the quarter, up from their prior forecast of ($0.50). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.08) per share. Wedbush also issued estimates for Cogent Biosciences’ Q2 2023 earnings at ($0.49) EPS, Q3 2023 earnings at ($0.42) EPS, FY2023 earnings at ($1.79) EPS, FY2024 earnings at ($1.58) EPS, FY2025 earnings at ($1.54) EPS and FY2026 earnings at ($1.30) EPS.

Other equities research analysts have also issued reports about the company. Guggenheim reissued a “buy” rating and set a $26.00 price objective on shares of Cogent Biosciences in a research note on Wednesday. Needham & Company LLC cut their target price on Cogent Biosciences from $24.00 to $23.00 and set a “buy” rating on the stock in a report on Wednesday. Finally, SVB Leerink lifted their price objective on Cogent Biosciences from $18.00 to $20.00 and gave the stock an “outperform” rating in a research note on Thursday, January 5th.

Cogent Biosciences Stock Performance

Shares of COGT opened at $11.76 on Thursday. The stock has a 50-day moving average price of $13.38 and a 200 day moving average price of $13.29. Cogent Biosciences has a one year low of $3.79 and a one year high of $18.07. The company has a market capitalization of $538.84 million, a P/E ratio of -4.70 and a beta of 1.75.

Institutional Trading of Cogent Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in COGT. MetLife Investment Management LLC grew its holdings in shares of Cogent Biosciences by 285.8% in the 1st quarter. MetLife Investment Management LLC now owns 16,460 shares of the technology company’s stock valued at $123,000 after buying an additional 12,193 shares during the period. Dimensional Fund Advisors LP boosted its stake in Cogent Biosciences by 66.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 71,423 shares of the technology company’s stock worth $535,000 after purchasing an additional 28,422 shares during the period. Renaissance Technologies LLC acquired a new position in Cogent Biosciences in the 1st quarter worth $86,000. State Street Corp boosted its stake in Cogent Biosciences by 4.6% in the 1st quarter. State Street Corp now owns 625,632 shares of the technology company’s stock worth $4,686,000 after purchasing an additional 27,624 shares during the period. Finally, Woodline Partners LP acquired a new position in Cogent Biosciences in the 1st quarter worth $276,000.

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.