Cogent Biosciences Receives Neutral Rating from Wedbush

Cogent Biosciences (NASDAQ:COGT) has had its "neutral" rating reaffirmed by Wedbush, according to a recent research report released on Tuesday. The analysts assigned a price target of $11.00 for the biotechnology company’s shares, indicating a potential upside of 55.63% from the current trading price of the stock.

In addition, Cogent Biosciences has been analyzed by several other research firms. HC Wainwright adjusted their price target for the company from $17.00 down to $14.00 while maintaining a "buy" rating in a report released earlier this month. Needham & Company LLC lowered their rating from "buy" to "hold" in a note published in December. Conversely, JPMorgan Chase & Co. increased their price target from $19.00 to $21.00, reflecting an "overweight" rating in their report from November.

Performance of Cogent Biosciences

Cogent has received mixed reviews, with three research analysts issuing hold ratings and three others giving buy ratings. MarketBeat data shows that the stock currently holds an average rating of "Moderate Buy" alongside an average price target set at $14.33.

Stock Market Activity

On Tuesday, shares of Cogent Biosciences fell by 5.3%, trading at $7.07. Approximately 1,390,632 shares were exchanged during the trading session, which is in line with the average volume of 1,403,371 shares. The company's market capitalization stands at approximately $780.75 million. Notably, the stock has a trailing twelve-month price-to-earnings (P/E) ratio of -2.84, with a beta of 1.77, indicating a fairly high volatility compared to the market.

Cogent Biosciences reported its last quarterly earnings on February 24, revealing a loss of $0.09 per share, which surpassed analysts' expectations that estimated a loss of $0.59 per share. Analysts predict that the company will report an earnings per share (EPS) of -2.42 for the current fiscal year.

Investor Activity

Recent changes in hedge fund holdings indicate a growing interest in Cogent Biosciences. For instance, UBS Asset Management increased their stock holding by 15.1% during the fourth quarter, acquiring a total of 135,604 shares. Additionally, Woodline Partners LP raised its stake by 2.1%, now owning 613,165 shares. Other firms, like Tema ETFs LLC, also entered into new positions while Rafferty Asset Management LLC and ProShare Advisors LLC both raised their holdings by notable percentages.

Company Overview

Cogent Biosciences, Inc. is a biotechnology firm that specializes in crafting precision therapies tailored for genetically defined diseases. Its flagship product candidate is bezuclastinib (CGT9486), a targeted tyrosine kinase inhibitor aimed at mutations in the KIT receptor, which are notably involved in conditions like systemic mastocytosis and specific gastrointestinal stromal tumors.

Final Thoughts

As investors consider their options, Cogent Biosciences presents a complex scenario with mixed ratings and a significant target price disparity across analysts. While some show optimism, others advise caution in the current market environment.

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