Needham & Company LLC Issues Pessimistic Forecast for Cogent Biosciences (NASDAQ:COGT) Stock Price

Cogent Biosciences (NASDAQ:COGT) had its price target trimmed by Needham & Company LLC from $16.00 to $15.00 in a report published on Wednesday,Benzinga reports. The firm currently has a buy rating on the technology company’s stock.

A number of other brokerages have also commented on COGT. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright reaffirmed a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a research note on Monday, November 4th. Robert W. Baird raised their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. JPMorgan Chase & Co. cut their price objective on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Finally, Wedbush reissued a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Down 7.8 %

Shares of Cogent Biosciences stock opened at $8.90 on Wednesday. The firm has a market cap of $974.11 million, a PE ratio of -3.59 and a beta of 1.72. The company’s fifty day simple moving average is $10.99 and its two-hundred day simple moving average is $9.57. Cogent Biosciences has a 12-month low of $3.67 and a 12-month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results 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 firm posted ($0.64) earnings per share. As a group, sell-side analysts expect that Cogent Biosciences will post -2.29 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the stock. Values First Advisors Inc. purchased a new stake in Cogent Biosciences during the 3rd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in Cogent Biosciences by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,104 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in shares of Cogent Biosciences by 234.5% in the 1st 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 in the last quarter. nVerses Capital LLC purchased a new position in shares of Cogent Biosciences in the third quarter worth $76,000. Finally, Quest Partners LLC bought a new position in shares of Cogent Biosciences during the second quarter valued at $89,000.

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.