Cogent Biosciences (NASDAQ:COGT) Stock Price Expected to Rise, Citigroup Analyst Says

Cogent Biosciences (NASDAQ:COGT - Free Report) had its target price increased by Citigroup from $15.00 to $22.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have a buy rating on the technology company's stock.

A number of other research firms have also weighed in on COGT. Robert W. Baird upped their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. HC Wainwright raised their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. JPMorgan Chase & Co. increased their target price on shares of Cogent Biosciences from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Leerink Partners increased their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday, July 7th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Cogent Biosciences has a consensus rating of "Moderate Buy" and a consensus price target of $18.70.

Cogent Biosciences Stock Up 0.8%

Cogent Biosciences stock traded up $0.10 during trading hours on Friday, hitting $12.40. The stock had a trading volume of 2,050,218 shares, compared to its average volume of 1,634,812. The stock has a market capitalization of $1.41 billion, a P/E ratio of -6.74 and a beta of 1.88. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.97. The stock's 50-day moving average price is $7.22 and its 200-day moving average price is $6.96.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.04. On average, research analysts expect that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Insider Buying and Selling at Cogent Biosciences

In other news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the firm's stock in a transaction dated Thursday, July 10th. The stock was acquired at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the acquisition, the director owned 9,003,418 shares of the company's stock, valued at $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 7.29% of the company's stock.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently modified their holdings of COGT. FMR LLC raised its position in Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after acquiring an additional 8,249,845 shares in the last quarter. Paradigm Biocapital Advisors LP raised its position in Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after acquiring an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP purchased a new position in Cogent Biosciences in the first quarter worth $17,970,000. Octagon Capital Advisors LP raised its position in Cogent Biosciences by 111.7% in the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after acquiring an additional 1,458,000 shares in the last quarter. Finally, Woodline Partners LP raised its position in Cogent Biosciences by 175.2% in the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock worth $10,108,000 after acquiring an additional 1,074,375 shares in the last quarter.

About Cogent Biosciences

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.