Cogent Biosciences, Inc. (NASDAQ:COGT) to Post FY2023 Earnings of ($2.52) Per Share, Jefferies Financial Group Forecasts

Cogent Biosciences, Inc. (NASDAQ:COGT – Get Rating) – Analysts at Jefferies Financial Group cut their FY2023 earnings per share estimates for Cogent Biosciences in a research note issued on Tuesday, March 14th. Jefferies Financial Group analyst E. Yang now forecasts that the technology company will post earnings of ($2.52) per share for the year, down from their prior estimate of ($2.24). The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.15) 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 equities research analysts also recently weighed in on the company. Needham & Company LLC decreased their target price on Cogent Biosciences from $24.00 to $23.00 and set a “buy” rating for the company in a research report on Wednesday. SVB Leerink upped their target price on Cogent Biosciences from $18.00 to $20.00 and gave the stock an “outperform” rating in a research report on Thursday, January 5th. 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 stock 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 stock has a 50-day moving average price of $13.36 and a two-hundred day moving average price of $13.25. The company has a market cap of $525.10 million, a PE ratio of -4.68 and a beta of 1.75.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. SG Americas Securities LLC boosted its holdings in Cogent Biosciences by 43.5% in the third quarter. SG Americas Securities LLC now owns 24,467 shares of the technology company’s stock valued at $365,000 after purchasing an additional 7,418 shares during the last quarter. MetLife Investment Management LLC raised its stake in Cogent Biosciences by 45.4% during the third quarter. MetLife Investment Management LLC now owns 34,018 shares of the technology company’s stock valued at $508,000 after buying an additional 10,628 shares in the last quarter. RA Capital Management L.P. acquired a new stake in Cogent Biosciences during the third quarter valued at approximately $59,881,000. Metropolitan Life Insurance Co NY raised its stake in Cogent Biosciences by 46.2% during the third quarter. Metropolitan Life Insurance Co NY now owns 3,857 shares of the technology company’s stock valued at $58,000 after buying an additional 1,218 shares in the last quarter. Finally, Perceptive Advisors LLC raised its stake in Cogent Biosciences by 3.8% during the third quarter. Perceptive Advisors LLC now owns 3,207,441 shares of the technology company’s stock valued at $47,855,000 after buying an additional 118,469 shares in the last quarter.

About Cogent Biosciences

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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.