Cogent Biosciences (NASDAQ:COGT) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a report published on Wednesday, Benzinga reports. Needham & Company LLC currently has a $18.00 target price on the technology company’s stock.

Several other analysts also recently issued reports on COGT. Citigroup raised their price objective on shares of Cogent Biosciences from $11.00 to $13.00 and gave the stock a buy rating in a research note on Monday, February 26th. Wedbush boosted their price target on Cogent Biosciences from $5.00 to $10.00 and gave the company a neutral rating in a report on Friday, February 23rd. Leerink Partnrs reissued an outperform rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Robert W. Baird reaffirmed a neutral rating and set a $8.00 target price (down from $14.00) on shares of Cogent Biosciences in a research report on Monday, February 26th. Finally, JPMorgan Chase & Co. increased their price target on Cogent Biosciences from $18.00 to $20.00 and gave the stock an overweight rating in a research report on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, Cogent Biosciences currently has an average rating of Moderate Buy and a consensus price target of $13.67.

Cogent Biosciences Trading Down 2.1 %

Shares of NASDAQ:COGT opened at $7.60 on Wednesday. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $13.50. The company has a 50-day moving average price of $6.74 and a 200 day moving average price of $6.62. The company has a market cap of $726.64 million, a price-to-earnings ratio of -3.17 and a beta of 1.57.

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

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently added to or reduced their stakes in COGT. Bank of New York Mellon Corp lifted its position in shares of Cogent Biosciences by 15.9% during the third quarter. Bank of New York Mellon Corp now owns 288,207 shares of the technology company’s stock valued at $2,810,000 after buying an additional 39,491 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Cogent Biosciences by 29.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,328 shares of the technology company’s stock valued at $110,000 after acquiring an additional 2,571 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Cogent Biosciences by 15.2% in the third quarter. Principal Financial Group Inc. now owns 21,267 shares of the technology company’s stock worth $207,000 after purchasing an additional 2,803 shares during the last quarter. Arizona State Retirement System increased its position in shares of Cogent Biosciences by 42.9% during the third quarter. Arizona State Retirement System now owns 15,446 shares of the technology company’s stock worth $151,000 after purchasing an additional 4,640 shares in the last quarter. Finally, Fox Run Management L.L.C. purchased a new stake in shares of Cogent Biosciences during the 3rd quarter valued at $99,000.

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.