Needham & Company LLC Reiterates Buy Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $18.00 target price on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 127.27% from the stock’s previous close.

COGT has been the subject of a number of other research reports. Robert W. Baird reiterated a “neutral” rating and issued a $8.00 price objective (down previously from $14.00) on shares of Cogent Biosciences in a report on Monday, February 26th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Citigroup upped their price target on Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Wedbush raised their price objective on Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Finally, JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

Cogent Biosciences Trading Up 4.2 %

NASDAQ COGT opened at $7.92 on Wednesday. The firm’s 50 day simple moving average is $6.76 and its 200 day simple moving average is $6.63. The firm has a market capitalization of $757.25 million, a price-to-earnings ratio of -3.19 and a beta of 1.57. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $13.50.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 7th. The technology company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.11). On average, equities research analysts forecast that Cogent Biosciences will post -1.89 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently bought and sold shares of the company. FMR LLC increased its position in shares of Cogent Biosciences by 1,322.5% during the third quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock valued at $44,555,000 after acquiring an additional 4,248,521 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Cogent Biosciences by 203.1% during the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock worth $1,866,000 after purchasing an additional 212,687 shares during the period. Trexquant Investment LP bought a new stake in shares of Cogent Biosciences during the 3rd quarter worth $401,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cogent Biosciences by 204.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 592,492 shares of the technology company’s stock worth $5,777,000 after buying an additional 397,765 shares during the last quarter. Finally, Citigroup Inc. grew its position in Cogent Biosciences by 3.2% during the third quarter. Citigroup Inc. now owns 82,241 shares of the technology company’s stock valued at $802,000 after buying an additional 2,522 shares during the period.

Cogent Biosciences Company Profile

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.