Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $18.70 Consensus Price Target from Analysts

Key Points

• Cogent Biosciences, Inc. has received a consensus recommendation of "Moderate Buy" from eleven covering research firms, with an average 1-year price objective of $18.70.
• The company recently saw significant insider activity, with Director Fairmount Funds Management acquiring nearly 2.8 million shares for approximately $25 million, increasing their ownership by over 44%.
• Institutional investors are actively buying into Cogent Biosciences, with notable increases in holdings from firms like FMR LLC and Paradigm Biocapital Advisors, reflecting strong institutional interest in the company.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has received an average rating of "Moderate Buy" from the eleven research firms that are presently covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $18.70.

Several research analysts have recently weighed in on the stock. Citigroup increased their price objective 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. Leerink Partners increased their price target on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Monday, July 7th. Guggenheim reaffirmed a "buy" rating and issued a $17.00 target price on shares of Cogent Biosciences in a research report on Tuesday, July 8th. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, HC Wainwright raised their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the company a "buy" rating in a report on Tuesday, July 8th.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded up $0.65 during trading on Friday, hitting $12.05. 1,037,287 shares of the stock were exchanged, compared to its average volume of 4,873,574. The company has a fifty day moving average price of $8.62 and a two-hundred day moving average price of $7.25. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.97.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. As a group, equities analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the business's stock in a transaction on Thursday, July 10th. The stock was bought 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 in the company, valued at $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 7.29% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors have recently modified their holdings of the stock. Strs Ohio bought a new stake in Cogent Biosciences in the first quarter valued at about $36,000. CWM LLC increased its position in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after acquiring an additional 8,665 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Cogent Biosciences during the 4th quarter worth about $78,000. Hsbc Holdings PLC bought a new position in shares of Cogent Biosciences during the fourth quarter worth about $81,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Cogent Biosciences during the 4th quarter worth approximately $88,000.

Cogent Biosciences Company Profile

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.