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

Key Points

• Cogent Biosciences, Inc. has received a consensus rating of "Moderate Buy" from twelve covering brokerages, with an average target price of $20.00.
• Director Fairmount Funds Management acquired 2,777,777 shares of Cogent at an average price of $9.00 per share, increasing their position by 44.62%.
• The company's stock is currently down 5.9%, with a 12-month trading range between $3.72 and $13.50.

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) have received a consensus rating of "Moderate Buy" from the twelve research firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation, seven have assigned a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $20.00.

A number of research analysts have issued reports on the company. Jefferies Financial Group upped 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. Leerink Partners upped their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Monday, July 7th. Guggenheim upped their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Robert W. Baird upped their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Finally, Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th.

Insider Buying and Selling at Cogent Biosciences

In other news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the business's stock in a transaction dated Thursday, July 10th. The stock was bought at an average price of $9.00 per share, for a total transaction of $24,999,993.00. Following the purchase, 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.29% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COGT. Osaic Holdings Inc. grew its stake in shares of Cogent Biosciences by 41.4% during the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock worth $33,000 after acquiring an additional 1,333 shares during the period. Strs Ohio purchased a new stake in Cogent Biosciences during the 1st quarter worth about $36,000. CWM LLC lifted its holdings in Cogent Biosciences by 11,869.9% during the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after purchasing an additional 8,665 shares in the last quarter. Ameritas Investment Partners Inc. lifted its holdings in Cogent Biosciences by 16.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company's stock worth $78,000 after purchasing an additional 1,543 shares in the last quarter. Finally, Prudential Financial Inc. purchased a new stake in Cogent Biosciences during the 2nd quarter worth about $93,000.

Cogent Biosciences Stock Performance

NASDAQ:COGT traded up $0.37 during trading on Friday, reaching $12.88. The company's stock had a trading volume of 424,418 shares, compared to its average volume of 1,938,370. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of -7.23 and a beta of 0.35. The firm has a 50 day moving average of $12.07 and a 200-day moving average of $8.23. Cogent Biosciences has a 12 month low of $3.72 and a 12 month high of $13.50.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.55) by $0.02. Equities research analysts forecast that Cogent Biosciences will post -2.42 earnings per share 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.