Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Cogent Biosciences, Inc. has received an average rating of "Moderate Buy" from brokerages, with a target price of $19.00 among analysts covering the stock.
• Insider activity saw significant buying, with Director Fairmount Funds Management purchasing 2,777,777 shares at an average cost of $9.00, increasing their ownership in the company by 44.62%.
• The company's stock recently traded at $12.23, reflecting a 3.7% increase, and exhibits a market capitalization of $1.39 billion.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the eleven ratings firms that are covering the stock, Marketbeat Ratings reports. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $19.00.

Several research firms recently commented on COGT. Wedbush reiterated a "neutral" rating and issued a $10.00 target price on shares of Cogent Biosciences in a research note on Monday, June 30th. HC Wainwright dropped their price target on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Guggenheim upped their price target on Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday. Finally, Robert W. Baird upped their price target on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th.

Insider Buying and Selling

In other news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the company's stock in a transaction on Thursday, July 10th. The stock was bought at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the purchase, the director directly owned 9,003,418 shares of the company's stock, valued at $81,030,762. The trade was a 44.62% increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 7.29% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Strs Ohio acquired a new stake in Cogent Biosciences during the first quarter worth about $36,000. CWM LLC boosted its position in shares of Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after buying an additional 8,665 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Cogent Biosciences in the fourth quarter worth about $78,000. Ameritas Investment Partners Inc. boosted its position in shares of Cogent Biosciences by 16.6% in the second quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company's stock worth $78,000 after buying an additional 1,543 shares during the period. Finally, Hsbc Holdings PLC purchased a new stake in shares of Cogent Biosciences in the fourth quarter worth about $81,000.

Cogent Biosciences Trading Up 3.7%

Cogent Biosciences stock opened at $12.23 on Wednesday. The firm has a market capitalization of $1.39 billion, a P/E ratio of -6.87 and a beta of 0.36. The stock has a fifty day moving average price of $10.46 and a 200 day moving average price of $7.59. Cogent Biosciences has a 52 week low of $3.72 and a 52 week high of $12.97.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its earnings results on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.02. As a group, equities analysts predict that Cogent Biosciences will post -2.42 EPS for the current year.

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.

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