Cogent Biosciences price target lowered to $23 from $24 at Needham

Needham analyst Ami Fadia lowered the firm’s price target on Cogent Biosciences to $23 from $24 but keeps a Buy rating on the shares. The company’s Q4 results were "uneventful" and the firm remains "optimistic" that its multiple clinical data updates this year are all on track, the analyst tells investors in a research note. Needham adds that its price target cut is due to higher than anticipated R&D in the quarter.