Cogent Biosciences (NASDAQ:COGT) Price Target Cut to $23.00 by Analysts at Needham & Company LLC

Cogent Biosciences (NASDAQ:COGTGet Rating) had its price target reduced by Needham & Company LLC from $24.00 to $23.00 in a research note released on Wednesday, The Fly reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Several other research analysts have also recently issued reports on the stock. Guggenheim lifted their target price on shares of Cogent Biosciences from $22.00 to $24.00 and gave the stock a buy rating in a report on Tuesday, December 13th. Wedbush reduced their price target on shares of Cogent Biosciences to $19.00 in a research note on Wednesday, November 16th. Finally, SVB Leerink lifted their price target on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an outperform rating in a research note on Thursday, January 5th.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock opened at $11.46 on Wednesday. The stock has a market capitalization of $525.09 million, a PE ratio of -4.68 and a beta of 1.75. Cogent Biosciences has a 52-week low of $3.79 and a 52-week high of $18.07. The company has a 50-day simple moving average of $13.36 and a two-hundred day simple moving average of $13.23.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently modified their holdings of the company. Alliancebernstein L.P. boosted its position in shares of Cogent Biosciences by 30.1% in the fourth quarter. Alliancebernstein L.P. now owns 72,200 shares of the technology company’s stock worth $835,000 after purchasing an additional 16,700 shares during the period. State of Wisconsin Investment Board purchased a new position in shares of Cogent Biosciences in the fourth quarter worth $380,000. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Cogent Biosciences by 128.8% in the fourth quarter. Schonfeld Strategic Advisors LLC now owns 205,400 shares of the technology company’s stock worth $2,374,000 after buying an additional 115,617 shares in the last quarter. Squarepoint Ops LLC purchased a new position in shares of Cogent Biosciences in the fourth quarter worth $730,000. Finally, Legal & General Group Plc lifted its holdings in shares of Cogent Biosciences by 141.5% in the fourth quarter. Legal & General Group Plc now owns 14,419 shares of the technology company’s stock worth $167,000 after buying an additional 8,449 shares in the last quarter.

About Cogent Biosciences

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Cogent Biosciences, Inc is a clinical-stage biopharmaceutical company, which engages in the development and commercialization of precision therapies for genetically defined diseases. It focuses on CGT9486, a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17.

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