Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $13.67 Consensus Target Price from Brokerages

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have received a consensus rating of “Moderate Buy” from the seven analysts that are covering the firm, MarketBeat.com reports. Two equities research analysts have rated the stock with a hold recommendation and five have issued a buy recommendation on the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $13.67.

Several equities analysts recently commented on the stock. Citigroup increased their price objective on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Monday, February 26th. Wedbush lifted their price target on shares of Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cogent Biosciences in a report on Thursday, February 22nd. Finally, Robert W. Baird reissued a “neutral” rating and issued a $8.00 price target (down previously from $14.00) on shares of Cogent Biosciences in a research note on Monday, February 26th.

Cogent Biosciences Stock Performance

Shares of COGT opened at $6.61 on Friday. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $13.50. The firm has a market cap of $631.98 million, a price-to-earnings ratio of -2.75 and a beta of 1.50. The business’s fifty day moving average is $6.97 and its 200-day moving average is $6.89.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Monday, February 26th. The technology company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.08). As a group, research analysts forecast that Cogent Biosciences will post -1.89 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

Large investors have recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its holdings in Cogent Biosciences by 10.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,122 shares of the technology company’s stock worth $129,000 after buying an additional 1,018 shares during the last quarter. MetLife Investment Management LLC lifted its position in Cogent Biosciences by 3.6% in the 2nd quarter. MetLife Investment Management LLC now owns 35,235 shares of the technology company’s stock valued at $417,000 after acquiring an additional 1,217 shares in the last quarter. Royal Bank of Canada increased its holdings in Cogent Biosciences by 56.3% during the 2nd quarter. Royal Bank of Canada now owns 5,630 shares of the technology company’s stock worth $66,000 after purchasing an additional 2,027 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Cogent Biosciences by 9.7% in the second quarter. The Manufacturers Life Insurance Company now owns 27,076 shares of the technology company’s stock worth $321,000 after purchasing an additional 2,403 shares during the last quarter. Finally, American International Group Inc. lifted its holdings in shares of Cogent Biosciences by 13.2% in the second quarter. American International Group Inc. now owns 20,877 shares of the technology company’s stock valued at $188,000 after purchasing an additional 2,429 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.