Cogent Biosciences (NASDAQ:COGT) Hits New 52-Week High - Here's Why

Key Points

• Cogent Biosciences reached a new 52-week high, trading at $16.16, with a notable volume of 163,031 shares during recent trading sessions.
• Analyst ratings show a mixed outlook, with targets ranging from $7.00 to $30.00 and an average rating of "Moderate Buy" with a target price of $20.00.
• Insider activity was significant, as Director Fairmount Funds Management acquired nearly 2.8 million shares, increasing ownership by 44.62% amid a backdrop of institutional trading activity.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $16.16 and last traded at $15.98, with a volume of 163031 shares. The stock had previously closed at $15.76.

Analyst Ratings Changes

Several research firms recently weighed in on COGT. HC Wainwright decreased their target price 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. Robert W. Baird lifted their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Citigroup boosted their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. JPMorgan Chase & Co. lifted their target price on Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a research report on Thursday, August 7th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $20.00.

Cogent Biosciences Stock Performance

The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -8.94 and a beta of 0.30. The firm has a fifty day moving average of $12.42 and a 200-day moving average of $8.66.

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

Insiders Place Their Bets

In other news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the company'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 acquisition, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.29% of the stock is currently owned by company insiders.

Institutional Trading of Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Osaic Holdings Inc. boosted its position in shares of Cogent Biosciences by 41.4% in the second 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 in the first quarter worth $36,000. CWM LLC raised its holdings in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after acquiring an additional 8,665 shares in the last quarter. Ameritas Investment Partners Inc. increased its holdings in 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 last quarter. Finally, Prudential Financial Inc. acquired a new position in shares of Cogent Biosciences during the 2nd quarter worth $93,000.

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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