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

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating restated by Needham & Company LLC in a note issued to investors on Monday,Benzinga reports. They currently have a $15.00 price objective on the technology company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 57.89% from the stock’s current price.

COGT has been the subject of several other research reports. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. HC Wainwright reiterated a “buy” rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Monday, November 4th. Robert W. Baird boosted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, November 12th. Finally, Citigroup boosted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock opened at $9.50 on Monday. The company has a market capitalization of $1.05 billion, a PE ratio of -3.83 and a beta of 1.71. The company has a 50-day simple moving average of $10.49 and a two-hundred day simple moving average of $9.78. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the company posted ($0.64) EPS. On average, equities analysts predict that Cogent Biosciences will post -2.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD raised its position in Cogent Biosciences by 12.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 35,211 shares of the technology company’s stock worth $237,000 after acquiring an additional 4,030 shares during the period. California State Teachers Retirement System raised its position in shares of Cogent Biosciences by 15.8% during the 1st quarter. California State Teachers Retirement System now owns 64,351 shares of the technology company’s stock worth $432,000 after purchasing an additional 8,804 shares during the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Cogent Biosciences in the 2nd quarter valued at about $1,077,000. Bank of New York Mellon Corp lifted its stake in Cogent Biosciences by 16.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock valued at $2,753,000 after buying an additional 45,770 shares in the last quarter. Finally, Rhumbline Advisers boosted its holdings in Cogent Biosciences by 9.6% in the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock worth $1,100,000 after buying an additional 11,383 shares during the last quarter.

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.