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

Needham & Company LLC restated their buy rating on shares of Cogent Biosciences (NASDAQ:COGT) in a research report sent to investors on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $18.00 price objective on the technology company’s stock.

A number of other brokerages also recently issued reports on COGT. Wedbush reissued a neutral rating and set a $10.00 price objective on shares of Cogent Biosciences in a research report on Friday, May 24th. HC Wainwright reiterated a buy rating and issued a $19.00 price objective on shares of Cogent Biosciences in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $14.67.

Cogent Biosciences Stock Down 0.1 %

Shares of COGT opened at $8.43 on Thursday. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $13.36. The company has a market capitalization of $805.99 million, a PE ratio of -3.40 and a beta of 1.60. The stock has a fifty day simple moving average of $7.89 and a two-hundred day simple moving average of $6.78.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, equities analysts anticipate that Cogent Biosciences will post -2.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. AJOVista LLC acquired a new position in Cogent Biosciences during the fourth quarter worth approximately $45,000. China Universal Asset Management Co. Ltd. raised its stake in shares of Cogent Biosciences by 355.0% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock worth $59,000 after purchasing an additional 7,772 shares during the last quarter. Russell Investments Group Ltd. raised its stake in shares of Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after purchasing an additional 7,020 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $70,000. Finally, NEOS Investment Management LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $76,000.

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.