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

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research report issued on Thursday, Benzinga reports. They currently have a $16.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 30.08% from the company’s current price.

Several other equities research analysts have also issued reports on COGT. Robert W. Baird raised their price target 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. JPMorgan Chase & Co. decreased their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Citigroup upped their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Wedbush reissued a “neutral” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Finally, HC Wainwright lowered their price objective on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT opened at $12.30 on Thursday. The company has a market capitalization of $1.35 billion, a PE ratio of -4.96 and a beta of 1.71. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $12.61. The business has a fifty day moving average price of $10.78 and a two-hundred day moving average price of $9.05.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the prior year, the company posted ($0.59) EPS. Sell-side analysts anticipate that Cogent Biosciences will post -2.25 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. lifted its holdings in shares of Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Cogent Biosciences during the 2nd quarter worth approximately $1,077,000. Sofinnova Investments Inc. lifted its stake in Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the period. Finally, Deerfield Management Company L.P. Series C boosted its holdings in 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 valued at $31,564,000 after purchasing an additional 2,209,918 shares during the period.

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.