Cogent Biosciences, Inc. (NASDAQ:COGT) Given Average Rating of “Moderate Buy” by Analysts

Cogent Biosciences, Inc. (NASDAQ:COGT) has been assigned a consensus rating of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation, nine have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $32.3333.

A number of research firms have recently weighed in on COGT. Citigroup lifted their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a research report on Friday, July 18th. Robert W. Baird raised their target price on shares of Cogent Biosciences from $14.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday. Stifel Nicolaus upgraded shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research report on Monday, November 10th. Raymond James Financial initiated coverage on shares of Cogent Biosciences in a research report on Tuesday, September 2nd. They set a “strong-buy” rating and a $30.00 price objective on the stock. Finally, Leerink Partners lifted their target price on shares of Cogent Biosciences from $18.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, November 10th.

Cogent Biosciences Trading Down 0.9%

Shares of COGT stock opened at $33.54 on Monday. The company has a debt-to-equity ratio of 0.23, a current ratio of 6.38 and a quick ratio of 4.19. The company has a market cap of $4.78 billion, a price-to-earnings ratio of -20.45 and a beta of 0.41. Cogent Biosciences has a 1 year low of $3.72 and a 1 year high of $36.29. The firm has a fifty day moving average price of $16.50 and a 200-day moving average price of $11.46.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.04. As a group, equities analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Deerfield Management Company L.P. lifted its holdings in Cogent Biosciences by 242.9% in the 3rd quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock worth $130,003,000 after purchasing an additional 6,412,903 shares in the last quarter. Paradigm Biocapital Advisors LP raised its position in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock valued at $53,692,000 after buying an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP purchased a new position in shares of Cogent Biosciences in the first quarter worth $17,970,000. Balyasny Asset Management L.P. bought a new position in shares of Cogent Biosciences during the third quarter worth $38,348,000. Finally, Emerald Advisers LLC purchased a new position in Cogent Biosciences during the second quarter valued at $10,381,000.

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.