Cogent Biosciences (NASDAQ:COGT) Given Sell (E+) Rating at Weiss Ratings

Key Points

• Cogent Biosciences has been given a "sell (E+)" rating by Weiss Ratings, while other analysts have mixed views with multiple "buy" ratings and a consensus price target of $20.00.
• The company's stock price reached $15.58 recently, showing significant growth from its 52-week low of $3.72.
• Insider activity includes a notable purchase of 2.78 million shares by a director, increasing their stake in the company by over 44%.

Cogent Biosciences (NASDAQ:COGT - Get Free Report)'s stock had its "sell (e+)" rating reaffirmed by research analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

A number of other research analysts have also issued reports on the stock. Guggenheim boosted their price target on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Raymond James Financial assumed coverage on shares of Cogent Biosciences in a research note on Tuesday, September 2nd. They set a "strong-buy" rating and a $30.00 price target on the stock. Citigroup boosted their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, July 18th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded up $0.14 on Wednesday, reaching $15.58. The company's stock had a trading volume of 2,023,527 shares, compared to its average volume of 2,166,289. The stock's 50-day moving average is $12.65 and its two-hundred day moving average is $8.81. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $16.22. The stock has a market capitalization of $1.77 billion, a P/E ratio of -8.75 and a beta of 0.30.

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

Insiders Place Their Bets

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

Institutional Trading of Cogent Biosciences

Several large investors have recently modified their holdings of COGT. Rhumbline Advisers grew its position in shares of Cogent Biosciences by 3.9% in the first quarter. Rhumbline Advisers now owns 130,458 shares of the technology company's stock valued at $781,000 after purchasing an additional 4,877 shares during the last quarter. Arizona State Retirement System grew its position in shares of Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after purchasing an additional 3,142 shares during the last quarter. CWM LLC grew 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 valued at $52,000 after purchasing an additional 8,665 shares during the last quarter. Swiss National Bank grew its position in shares of Cogent Biosciences by 17.5% in the first quarter. Swiss National Bank now owns 139,100 shares of the technology company's stock valued at $833,000 after purchasing an additional 20,700 shares during the last quarter. Finally, Invesco Ltd. grew its position in shares of Cogent Biosciences by 77.9% in the first quarter. Invesco Ltd. now owns 68,743 shares of the technology company's stock valued at $412,000 after purchasing an additional 30,102 shares during 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.

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