HC Wainwright Has Negative Forecast for COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at HC Wainwright reduced their FY2024 earnings per share estimates for shares of Cogent Biosciences in a report released on Wednesday, December 11th. HC Wainwright analyst R. Burns now expects that the technology company will post earnings per share of ($2.50) for the year, down from their prior estimate of ($2.37). HC Wainwright currently has a “Buy” rating on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.42) per share. HC Wainwright also issued estimates for Cogent Biosciences’ Q4 2024 earnings at ($0.64) EPS, Q1 2025 earnings at ($0.65) EPS, Q2 2025 earnings at ($0.66) EPS, Q3 2025 earnings at ($0.67) EPS and FY2025 earnings at ($2.65) EPS.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the previous year, the firm earned ($0.64) EPS.

COGT has been the topic of several other reports. Citigroup increased their price target 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. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday. Robert W. Baird raised their target price on shares of 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 target price on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Finally, JPMorgan Chase & Co. raised their price target on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Trading Down 2.3 %

Cogent Biosciences stock opened at $8.15 on Friday. The stock has a fifty day moving average of $10.36 and a 200 day moving average of $9.78. Cogent Biosciences has a one year low of $4.28 and a one year high of $12.61.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in COGT. Point72 Asset Management L.P. boosted its position in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after buying an additional 8,310,150 shares during the period. FMR LLC raised its position in Cogent Biosciences by 8.1% during the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after purchasing an additional 625,743 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in shares of Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after buying an additional 2,209,918 shares during the period. Sofinnova Investments Inc. increased its stake in shares of Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after buying an additional 372,515 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Cogent Biosciences by 15.1% in the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after acquiring an additional 300,062 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.