HC Wainwright Has Negative Estimate for COGT FY2024 Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) – Investment analysts at HC Wainwright lowered their FY2024 earnings estimates for shares of Cogent Biosciences in a research report issued on Wednesday, December 11th. HC Wainwright analyst R. Burns now anticipates that the technology company will post earnings per share of ($2.50) for the year, down from their previous estimate of ($2.37). HC Wainwright has a “Buy” rating on the stock. The consensus estimate for Cogent Biosciences’ current full-year earnings is ($2.40) 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.

Other equities analysts have also issued reports about the stock. Robert W. Baird increased their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Citigroup boosted their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Stock Down 10.0 %

COGT stock opened at $8.34 on Friday. Cogent Biosciences has a one year low of $4.28 and a one year high of $12.61. The company has a fifty day moving average price of $10.42 and a two-hundred day moving average price of $9.77.

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

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. grew its holdings in shares of Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Hennion & Walsh Asset Management Inc. bought a new stake in Cogent Biosciences during the second quarter worth about $1,077,000. Sofinnova Investments Inc. grew its stake in Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares in the last quarter. Deerfield Management Company L.P. Series C increased 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 buying an additional 2,209,918 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Cogent Biosciences by 20.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after buying an additional 139,096 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.