Analysts Set Target Price for Cogent Biosciences, Inc. at $14.83

Cogent Biosciences, Inc. (NASDAQ:COGT) has recently received a consensus recommendation of "Moderate Buy" from a group of seven analysts covering the stock, according to Marketbeat Ratings. Out of these analysts, three have given the stock a hold rating while four have released buy ratings. The average target price for the next twelve months is set at $14.83, reflecting a positive outlook on the company's performance.

Reviewing the recent opinions of various analysts, Robert W. Baird adjusted its target price for Cogent Biosciences from $8.00 to $10.00 and maintained a "neutral" rating as of September 5th. Similarly, Citigroup increased their price target from $13.00 to $15.00 and recommended a "buy" on September 24th. HC Wainwright reaffirmed a "buy" rating on December 11th. Moreover, Wedbush kept a "neutral" rating while setting a price target of $11.00 on November 12th, and JPMorgan Chase & Co. boosted their target from $19.00 to $21.00, adding an "overweight" rating on November 14th.

Institutional Investors Update Positions

Recent activities from institutional investors indicate a growing interest in Cogent Biosciences. Virtu Financial LLC acquired a new position in the third quarter, valuing around $147,000. Geode Capital Management LLC increased its holdings by 15.1%, owning 2,280,793 shares worth approximately $24.6 million after acquiring 300,062 additional shares. Barclays PLC also raised its stake by 124.8%, bringing its total to 175,684 shares valued at about $1.9 million. In addition, Nomura Asset Management Co. Ltd. made a new investment valued around $488,000, while Wellington Management Group LLP boosted its position by 8.0%, owning 342,323 shares worth roughly $3.7 million.

Performance Overview

As of the latest trading, Cogent Biosciences stocks opened at $7.84. The company's stock has seen a 1-year low of $4.28 and a high of $12.61. Currently, the market capitalization stands at $866.02 million with a PE ratio of -3.16 and a beta value of 1.70. The 50-day moving average is $10.06, while the 200-day average is $9.77.

Cogent Biosciences reported its quarterly earnings results on November 12th, showing a loss of $0.64 per share, which was below the consensus estimate of a loss of $0.57. This figure matched the earnings per share from the same period a year earlier. Analysts anticipate that the company will post an earnings per share of -2.42 for the current fiscal year.

About the Company

Cogent Biosciences, Inc. is a biotechnology entity that focuses on developing precision therapies aimed at genetically defined diseases. Their leading candidate is bezuclastinib (CGT9486), a selective tyrosine kinase inhibitor. This drug is designed to target particular mutations within the KIT receptor tyrosine kinase, including the KIT D816V mutation associated with systemic mastocytosis, as well as other mutations related to advanced gastrointestinal stromal tumors.

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