HC Wainwright Has Lowered Expectations for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT) had its price target lowered by analysts at HC Wainwright from $14.00 to $12.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. HC Wainwright’s price target would indicate a potential upside of 140.96% from the company’s previous close.

Several other equities research analysts have also recently commented on COGT. Robert W. Baird cut their price target on Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Wednesday, May 7th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Scotiabank began coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price target for the company. Piper Sandler raised Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Wedbush reissued a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

Cogent Biosciences Stock Performance

NASDAQ:COGT opened at $4.98 on Tuesday. Cogent Biosciences has a one year low of $3.72 and a one year high of $12.61. The stock has a market cap of $567.00 million, a PE ratio of -2.01 and a beta of 1.91. The stock has a 50 day moving average price of $5.28 and a 200 day moving average price of $7.38.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.04. As a group, analysts predict that Cogent Biosciences will post -2.42 earnings per share 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. FMR LLC increased its stake in Cogent Biosciences by 99.2% during the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after acquiring an additional 8,249,845 shares during the last quarter. Paradigm Biocapital Advisors LP boosted its position in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after buying an additional 4,046,243 shares during the period. Vanguard Group Inc. boosted its position in shares of Cogent Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock worth $47,840,000 after buying an additional 418,975 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of Cogent Biosciences by 5.8% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock worth $33,540,000 after buying an additional 233,966 shares during the period. Finally, Vestal Point Capital LP purchased a new position in shares of Cogent Biosciences during the first quarter worth $17,970,000.

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.