Cogent Biosciences (NASDAQ:COGT) Hits New 52-Week High - Should You Buy?

Key Points

• Cogent Biosciences shares reached a new 52-week high, trading at $14.54 before settling at $14.13 with a volume of 1.46 million shares on Tuesday.
• Analysts have varying ratings on Cogent, with a consensus rating of "Moderate Buy" and an average price target of $20.00, indicating a positive outlook among market experts.
• A significant insider transaction occurred as Director Fairmount Funds Management purchased nearly 2.8 million shares, increasing their ownership by 44.62% and signaling confidence in the company's prospects.

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $14.54 and last traded at $14.13, with a volume of 1459619 shares traded. The stock had previously closed at $14.16.

Wall Street Analyst Weigh In

COGT has been the topic of several recent analyst reports. Wedbush reissued a "neutral" rating and set a $10.00 target price on shares of Cogent Biosciences in a research note on Monday, June 30th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Robert W. Baird increased their target price 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. Guggenheim increased their target price 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. Finally, Jefferies Financial Group increased their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, Cogent Biosciences has a consensus rating of "Moderate Buy" and an average price target of $20.00.

Cogent Biosciences Trading Down 0.2%

The firm's 50-day moving average is $12.22 and its two-hundred day moving average is $8.45. The stock has a market cap of $1.61 billion, a price-to-earnings ratio of -7.94 and a beta of 0.35.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results 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. On average, analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Insider Buying and Selling

In other Cogent Biosciences news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the business's stock in a transaction on 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 acquisition, the director 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 purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 7.29% of the company's stock.

Institutional Trading of Cogent Biosciences

Hedge funds have recently bought and sold shares of the business. Goldman Sachs Group Inc. raised its holdings in Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock valued at $5,924,000 after acquiring an additional 124,069 shares during the last quarter. Exome Asset Management LLC acquired a new stake in Cogent Biosciences in the 1st quarter valued at about $3,724,000. Fox Run Management L.L.C. raised its holdings in Cogent Biosciences by 361.3% in the 1st quarter. Fox Run Management L.L.C. now owns 46,626 shares of the technology company's stock valued at $279,000 after acquiring an additional 36,518 shares during the last quarter. Paradigm Biocapital Advisors LP raised its holdings in Cogent Biosciences by 82.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after acquiring an additional 4,046,243 shares during the last quarter. Finally, Knott David M Jr acquired a new stake in Cogent Biosciences in the 1st quarter valued at about $1,278,000.

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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