Cogent Biosciences (NASDAQ:COGT) Stock Price Expected to Rise, HC Wainwright Analyst Says

Cogent Biosciences (NASDAQ:COGT) had its price target increased by HC Wainwright from $21.00 to $50.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the technology company’s stock. HC Wainwright’s price target would indicate a potential upside of 41.80% from the stock’s current price.

COGT has been the subject of a number of other research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Cogent Biosciences in a research note on Wednesday, October 8th. Wedbush upgraded Cogent Biosciences from a “neutral” rating to an “outperform” rating and set a $38.00 price target for the company in a research note on Monday. Leerink Partners increased their target price on Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a report on Monday. Raymond James Financial initiated coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They issued a “strong-buy” rating and a $30.00 price target for the company. Finally, Robert W. Baird lifted their price objective on shares of Cogent Biosciences from $14.00 to $34.00 and gave the stock a “neutral” rating in a report on Tuesday. Two equities research analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $32.33.

Cogent Biosciences Trading Up 5.5%

NASDAQ:COGT opened at $35.26 on Thursday. The stock has a market cap of $5.02 billion, a price-to-earnings ratio of -21.50 and a beta of 0.41. Cogent Biosciences has a one year low of $3.72 and a one year high of $36.15. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.19 and a current ratio of 6.38. The business’s 50-day simple moving average is $15.67 and its 200 day simple moving average is $11.10.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Friday, November 7th. The technology company reported ($0.50) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.04. As a group, sell-side analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Arizona State Retirement System grew its position in Cogent Biosciences by 18.0% in the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company’s stock worth $123,000 after purchasing an additional 3,142 shares during the last quarter. CWM LLC boosted its position in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after buying an additional 8,665 shares during the period. Swiss National Bank boosted its position in shares of Cogent Biosciences by 17.5% during the first quarter. Swiss National Bank now owns 139,100 shares of the technology company’s stock worth $833,000 after buying an additional 20,700 shares during the period. Invesco Ltd. grew its holdings in Cogent Biosciences by 77.9% in the 1st quarter. Invesco Ltd. now owns 68,743 shares of the technology company’s stock worth $412,000 after buying an additional 30,102 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in Cogent Biosciences in the 1st quarter valued at approximately $1,401,000.

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.