Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $22.50 Consensus Target Price from Analysts

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have received an average recommendation of “Buy” from the six ratings firms that are presently covering the firm, Marketbeat reports. Six equities research analysts have rated the stock with a buy rating. The average twelve-month price target among brokers that have updated their coverage on the stock in the last year is $22.50.

COGT has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and set a $27.00 price target on shares of Cogent Biosciences in a research report on Wednesday, August 30th. Wedbush reaffirmed an “outperform” rating and set a $20.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, August 8th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, September 19th.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently modified their holdings of COGT. Federated Hermes Inc. acquired a new stake in Cogent Biosciences during the 3rd quarter worth $46,000. Royal Bank of Canada boosted its holdings in Cogent Biosciences by 56.3% during the second quarter. Royal Bank of Canada now owns 5,630 shares of the technology company’s stock worth $66,000 after buying an additional 2,027 shares in the last quarter. Quantbot Technologies LP boosted its holdings in Cogent Biosciences by 150.0% during the second quarter. Quantbot Technologies LP now owns 6,000 shares of the technology company’s stock worth $54,000 after buying an additional 3,600 shares in the last quarter. Russell Investments Group Ltd. purchased a new stake in Cogent Biosciences during the first quarter worth about $72,000. Finally, Price T Rowe Associates Inc. MD purchased a new stake in Cogent Biosciences during the third quarter worth about $151,000.

Cogent Biosciences Stock Down 5.6 %

COGT stock opened at $7.53 on Thursday. The company’s 50-day simple moving average is $9.18 and its 200-day simple moving average is $11.05. Cogent Biosciences has a 52-week low of $6.48 and a 52-week high of $15.68. The firm has a market cap of $648.51 million, a P/E ratio of -3.23 and a beta of 1.66.

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 exon 17 mutations found within the 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.