Scotiabank Initiates Coverage of Cogent Biosciences with Positive Outlook

Fintel reports that on March 7, 2025, Scotiabank began coverage of Cogent Biosciences (NasdaqGS:COGT) with a Sector Outperform rating.

Analyst Price Forecast Indicates Strong Upside Potential

As of March 4, 2025, analysts set the average one-year price target for Cogent Biosciences at $16.73 per share. This target reflects a wide range, from a low of $8.08 to a high of $25.20. Notably, this average suggests a substantial increase of 138.63% from its most recent closing price of $7.01 per share.

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Projected Revenue and Earnings

Cogent Biosciences anticipates an annual revenue of $15 million, indicating a remarkable increase of ∞%. The projected annual non-GAAP earnings per share (EPS) stands at -$2.18.

Institutional Ownership and Fund Sentiment

There are currently 346 funds or institutions with reported positions in Cogent Biosciences, marking an increase of 18 owners, or 5.49%, in the last quarter. The average portfolio weight dedicated to COGT across these funds is 0.20%, which reflects an increase of 8.88%. Total institutional shares increased by 0.15% over the past three months, bringing ownership to 130,357K shares. The current put/call ratio for COGT is 1.48, signaling a bearish sentiment among investors.

Key Institutional Shareholders

Kynam Capital Management holds 9,105K shares, representing 8.24% ownership of Cogent Biosciences. This is a reduction from their previous holding of 9,240K shares, a decline of 1.48%. Their portfolio allocation in COGT has decreased by 45.13% over the last quarter.

TCG Crossover Management retains 6,964K shares, representing 6.30% ownership, with no change noted for the last quarter.

Commodore Capital owns 6,882K shares, or 6.23% of the company, down from 7,540K shares previously, reflecting a 9.57% decrease in ownership. Their portfolio allocation has reduced by 22.70% in the last quarter.

Fairmount Funds Management maintains its position with 6,226K shares, representing 5.64% ownership, unchanged from the last quarter.

VR Adviser holds 5,684K shares, equivalent to 5.15% ownership. Their holdings are consistent with their last report, but they decreased their portfolio allocation in COGT by 5.38% over the past quarter.

Background on Cogent Biosciences

Cogent Biosciences Background Information
(This description is provided by the company.)

Cogent Biosciences is a biotechnology firm dedicated to developing precision therapies for genetically defined diseases. Its leading clinical program, PLX9486, is a selective tyrosine kinase inhibitor aimed at effectively inhibiting the KIT D816V mutation and other mutations found in KIT exon 17. The KIT D816V mutation is pivotal in causing systemic mastocytosis, a serious condition due to the uncontrolled proliferation of mast cells. Additionally, exon 17 mutations are also implicated in advanced gastrointestinal stromal tumors (GIST), a cancer type that heavily relies on oncogenic KIT signaling. Cogent Biosciences is headquartered in Cambridge, MA.

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This story originally appeared on Fintel.

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