Wedbush Has Pessimistic Outlook of COGT FY2025 Earnings
Wedbush analysts have downgraded their FY2025 earnings per share estimate for Cogent Biosciences (NASDAQ:COGT) from ($1.49) to ($2.21). The current consensus estimate is ($2.42) per share. Wedbush maintains a "Neutral" rating with a $10.00 price target. Other brokerages have varied ratings, with price targets ranging from $17.00 to $28.00. COGT shares recently traded at $11.04, up 1.6%. The company reported ($0.53) earnings per share for the last quarter, beating estimates. Insider buying has increased ownership by 44.62%.
Cogent Biosciences, Inc. (NASDAQ:COGT - Free Report) - Analysts at Wedbush cut their FY2025 earnings per share estimates for Cogent Biosciences in a note issued to investors on Tuesday, August 5th. Wedbush analyst D. Nierengarten now anticipates that the technology company will post earnings of ($2.21) per share for the year, down from their previous estimate of ($1.49). Wedbush currently has a "Neutral" rating and a $10.00 price target on the stock. The consensus estimate for Cogent Biosciences' current full-year earnings is ($2.42) per share.
Several other brokerages also recently issued reports on COGT. HC Wainwright lowered their price target on shares of Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Jefferies Financial Group lifted their target price on Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, July 7th. Guggenheim restated a "buy" rating and set a $17.00 price target on shares of Cogent Biosciences in a report on Tuesday, July 8th. Finally, Citigroup raised their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Three research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $18.70.
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Cogent Biosciences Stock Up 1.6%
Shares of COGT stock traded up $0.18 on Friday, reaching $11.04. The company had a trading volume of 87,926 shares, compared to its average volume of 2,009,252. The business's 50-day moving average is $9.13 and its 200 day moving average is $7.35. Cogent Biosciences has a one year low of $3.72 and a one year high of $12.97. The stock has a market capitalization of $1.26 billion, a PE ratio of -6.21 and a beta of 0.36.
Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.02.
Institutional Investors Weigh In On Cogent Biosciences
Institutional investors and hedge funds have recently bought and sold shares of the stock. ProShare Advisors LLC grew its stake in Cogent Biosciences by 4.1% in the 2nd quarter. ProShare Advisors LLC now owns 26,021 shares of the technology company's stock valued at $187,000 after purchasing an additional 1,020 shares during the period. Corton Capital Inc. raised its stake in shares of Cogent Biosciences by 6.4% during the 2nd quarter. Corton Capital Inc. now owns 17,438 shares of the technology company's stock valued at $125,000 after purchasing an additional 1,046 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Cogent Biosciences by 8.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock valued at $162,000 after buying an additional 1,687 shares during the period. 49 Wealth Management LLC lifted its stake in Cogent Biosciences by 19.0% in the 2nd quarter. 49 Wealth Management LLC now owns 15,508 shares of the technology company's stock worth $111,000 after purchasing an additional 2,476 shares in the last quarter. Finally, Arizona State Retirement System raised its position in shares of Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after buying an additional 3,142 shares in the last quarter.
Insider Buying and Selling
In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the company's stock in a transaction dated Thursday, July 10th. The shares were bought at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the acquisition, the director directly owned 9,003,418 shares of the company's stock, valued at $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 7.29% of the company's stock.
Cogent Biosciences Company Profile
(Get Free Report)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.
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