Needham & Company LLC Lowers Cogent Biosciences (NASDAQ:COGT) Price Target to $15.00

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

A number of other research firms have also weighed in on COGT. Robert W. Baird upped their price objective 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. Wedbush reiterated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday. HC Wainwright restated a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a report on Monday, November 4th. Citigroup lifted their target price on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.50.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT opened at $10.40 on Wednesday. The firm has a market cap of $1.14 billion, a PE ratio of -4.19 and a beta of 1.72. The firm’s 50 day simple moving average is $11.06 and its 200-day simple moving average is $9.53. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the prior year, the firm posted ($0.64) earnings per share. Equities research analysts predict that Cogent Biosciences will post -2.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in COGT. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of 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 worth $43,000 after purchasing an additional 1,104 shares during the period. SkyView Investment Advisors LLC increased its stake in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,500 shares in the last quarter. ProShare Advisors LLC boosted its position in Cogent Biosciences by 15.3% during the first quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after purchasing an additional 2,953 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Cogent Biosciences in the third quarter valued at approximately $32,000. Finally, Creative Planning raised its stake in shares of Cogent Biosciences by 29.6% during the 3rd quarter. Creative Planning now owns 14,324 shares of the technology company’s stock worth $155,000 after buying an additional 3,272 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.