Cogent Biosciences (NASDAQ:COGT) Sets New 12-Month High - Still a Buy?

Key Points

• Cogent Biosciences' stock reached a new 52-week high at $13.50, reflecting a significant increase in trading volume.
• Analyst ratings for Cogent include two "Strong Buy", seven "Buy", and three "Hold" ratings, with a consensus price target of $20.00.
• Insider trading activity has increased, with a director purchasing nearly 2.8 million shares, amplifying their stock ownership by over 44.62%.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) hit a new 52-week high during mid-day trading on Thursday . The company traded as high as $13.50 and last traded at $13.08, with a volume of 3496015 shares changing hands. The stock had previously closed at $12.00.

Analyst Ratings Changes

A number of research analysts have issued reports on COGT shares. HC Wainwright cut their price objective on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Citigroup lifted their price target on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a report on Friday, July 18th. Raymond James Financial initiated coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They issued a "strong-buy" rating and a $30.00 price target for the company. Guggenheim lifted their price target on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a report on Monday, August 25th. Finally, Leerink Partners lifted their price target on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Monday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences has a consensus rating of "Moderate Buy" and an average target price of $20.00.

Cogent Biosciences Trading Down 0.1%

The stock has a market capitalization of $1.44 billion, a P/E ratio of -7.10 and a beta of 0.35. The company has a fifty day simple moving average of $11.41 and a two-hundred day simple moving average of $7.86.

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 for the quarter, topping the consensus estimate of ($0.55) by $0.02. As a group, analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Fairmount Funds Management Llc bought 2,777,777 shares of the firm's stock in a transaction dated 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 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 7.29% of the company's stock.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors have recently modified their holdings of COGT. Osaic Holdings Inc. grew its position 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 buying an additional 1,333 shares during the period. Strs Ohio acquired a new position in shares of Cogent Biosciences during the 1st quarter worth about $36,000. CWM LLC grew its position in shares of 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 buying an additional 8,665 shares during the period. Schonfeld Strategic Advisors LLC acquired a new position in shares of Cogent Biosciences during the 4th quarter worth about $78,000. Finally, Ameritas Investment Partners Inc. grew its position in shares of 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 buying an additional 1,543 shares during the period.

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.