Needham & Company LLC Reiterates Hold Rating for Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences (NASDAQ:COGT)‘s stock had its “hold” rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday,Benzinga reports.

COGT has been the topic of several other reports. HC Wainwright decreased their price objective on shares of Cogent Biosciences from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Tuesday, May 20th. Robert W. Baird decreased their price target on shares of Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Wednesday, May 7th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Finally, Scotiabank assumed coverage on Cogent Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target for the company. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.57.

Cogent Biosciences Stock Up 5.8%

Shares of NASDAQ COGT opened at $7.49 on Tuesday. The business’s 50 day moving average price is $5.23 and its two-hundred day moving average price is $6.88. The company has a market cap of $852.78 million, a PE ratio of -3.02 and a beta of 1.82. Cogent Biosciences has a twelve month low of $3.72 and a twelve month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.04. As a group, research analysts anticipate that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of large investors have recently added to or reduced their stakes in COGT. Janus Henderson Group PLC lifted its position in shares of Cogent Biosciences by 84.3% during the 4th quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company’s stock valued at $227,000 after acquiring an additional 13,300 shares during the period. Ameriprise Financial Inc. grew its stake in Cogent Biosciences by 78.6% during the fourth quarter. Ameriprise Financial Inc. now owns 21,499 shares of the technology company’s stock worth $168,000 after buying an additional 9,459 shares in the last quarter. ProShare Advisors LLC increased its holdings in Cogent Biosciences by 30.5% in the 4th quarter. ProShare Advisors LLC now owns 31,074 shares of the technology company’s stock valued at $242,000 after buying an additional 7,267 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Cogent Biosciences by 15.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company’s stock valued at $1,058,000 after buying an additional 17,741 shares during the period. Finally, New York State Common Retirement Fund raised its position in shares of Cogent Biosciences by 10.5% in the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after buying an additional 2,200 shares in the last quarter.

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.