Needham & Company LLC assumed coverage on shares of Cogent Biosciences (NASDAQ:COGT – Get Rating) in a research note issued on Wednesday, The Fly reports. The brokerage set a "buy" rating and a $24.00 price target on the technology company's stock. Needham & Company LLC's price objective would indicate a potential upside of 98.35% from the company's previous close.
A number of other brokerages also recently commented on COGT. Wedbush lowered their target price on Cogent Biosciences to $19.00 in a research note on Wednesday, November 16th. SVB Leerink lowered their target price on Cogent Biosciences from $20.00 to $18.00 and set an "outperform" rating on the stock in a research note on Thursday, November 17th. Finally, Guggenheim boosted their target price on Cogent Biosciences from $22.00 to $24.00 and gave the company a "buy" rating in a research note on Tuesday.
Get Cogent Biosciences alerts:Cogent Biosciences Trading Up 1.3 %
Shares of COGT stock opened at $12.10 on Wednesday. Cogent Biosciences has a 1-year low of $3.79 and a 1-year high of $18.07. The company has a market capitalization of $554.41 million, a price-to-earnings ratio of -4.84 and a beta of 1.67. The stock's fifty day simple moving average is $12.49 and its 200-day simple moving average is $12.21.
Hedge Funds Weigh In On Cogent Biosciences
Several large investors have recently added to or reduced their stakes in COGT. Veritable L.P. raised its holdings in Cogent Biosciences by 14.4% in the 1st quarter. Veritable L.P. now owns 57,020 shares of the technology company's stock valued at $427,000 after acquiring an additional 7,180 shares in the last quarter. MetLife Investment Management LLC grew its stake in shares of Cogent Biosciences by 285.8% in the 1st quarter. MetLife Investment Management LLC now owns 16,460 shares of the technology company's stock valued at $123,000 after purchasing an additional 12,193 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Cogent Biosciences by 66.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 71,423 shares of the technology company's stock valued at $535,000 after purchasing an additional 28,422 shares during the period. Renaissance Technologies LLC bought a new stake in shares of Cogent Biosciences in the 1st quarter valued at approximately $86,000. Finally, Frazier Life Sciences Management L.P. bought a new stake in shares of Cogent Biosciences in the 1st quarter valued at approximately $19,862,000.Cogent Biosciences Company Profile
(Get Rating)
Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit 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.
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