Cogent Biosciences, Inc. (NASDAQ:COGT) Given Consensus Recommendation of "Moderate Buy" by Brokerages

Key Points

• Cogent Biosciences has received a consensus rating of "Moderate Buy" from eleven brokerages, with a twelve-month price target averaging $19.00.
• Insider activity includes a significant acquisition of 2,777,777 shares by Director Fairmount Funds Management, raising their stake in the company by 44.62%.
• Cogent Biosciences reported a quarterly loss of ($0.53) earnings per share, which surpassed analysts' expectations by $0.02.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has been assigned a consensus recommendation of "Moderate Buy" from the eleven brokerages that are presently covering the firm, MarketBeat.com reports. Three analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price target among analysts that have issued ratings on the stock in the last year is $19.00.

Several analysts have weighed in on COGT shares. HC Wainwright lowered their target price on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Guggenheim upped their target price on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, August 7th. Citigroup increased their price objective on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, July 18th. Finally, Jefferies Financial Group increased their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, July 7th.

Insider Activity at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the firm's stock in a transaction that occurred on Thursday, July 10th. The shares were acquired at an average price of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the purchase, the director directly owned 9,003,418 shares in the company, valued at approximately $81,030,762. The trade was a 44.62% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 7.29% of the stock is currently owned by insiders.

Institutional Trading of Cogent Biosciences

A number of large investors have recently made changes to their positions in the stock. Paradigm Biocapital Advisors LP boosted its stake in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after acquiring an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP lifted its position in Cogent Biosciences by 2.7% during the second quarter. Vestal Point Capital LP now owns 3,080,000 shares of the technology company's stock worth $22,114,000 after buying an additional 80,000 shares during the period. Octagon Capital Advisors LP lifted its position in Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after buying an additional 1,458,000 shares during the period. Geode Capital Management LLC lifted its position in Cogent Biosciences by 10.6% during the second quarter. Geode Capital Management LLC now owns 2,672,113 shares of the technology company's stock worth $19,189,000 after buying an additional 256,259 shares during the period. Finally, Saturn V Capital Management LP lifted its position in Cogent Biosciences by 55.2% during the second quarter. Saturn V Capital Management LP now owns 2,297,524 shares of the technology company's stock worth $16,496,000 after buying an additional 817,504 shares during the period.

Cogent Biosciences Stock Performance

Cogent Biosciences stock opened at $12.23 on Wednesday. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of -6.87 and a beta of 0.36. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $12.97. The stock's fifty day moving average is $10.46 and its two-hundred day moving average is $7.59.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results 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. As a group, sell-side analysts forecast that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

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.

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