Cogent Biosciences (NASDAQ:COGT) Price Target Raised to $20.00

Key Points

• Cogent Biosciences' price target has been raised from $17.00 to $20.00 by Guggenheim, indicating a potential upside of 65.02% from its current price.
• The company reported an earnings per share (EPS) of ($0.53) for the recent quarter, exceeding analysts' expectations by $0.02.
• Insider transactions showed significant investment, with Director Fairmount Funds Management purchasing 2.78 million shares for approximately $25 million, raising their ownership by 44.62%.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its price target raised by investment analysts at Guggenheim from $17.00 to $20.00 in a report released on Monday,Benzinga reports. The brokerage currently has a "buy" rating on the technology company's stock. Guggenheim's price target indicates a potential upside of 65.02% from the stock's current price.

COGT has been the topic of a number of other reports. Wedbush reissued a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Monday, June 30th. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $29.00 to $30.00 and gave the company an "overweight" rating in a research report on Thursday, August 7th. HC Wainwright lowered their price target on Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Jefferies Financial Group lifted their target price on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Finally, Citigroup increased their target price on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. One equities research analyst has 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 MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $19.00.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $12.12 on Monday. The firm has a 50 day simple moving average of $10.28 and a 200-day simple moving average of $7.54. The stock has a market cap of $1.38 billion, a price-to-earnings ratio of -6.81 and a beta of 0.36. Cogent Biosciences has a 1-year low of $3.72 and a 1-year high of $12.97.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data 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 expect that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Cogent Biosciences news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was bought at an average cost 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 of the company's stock, valued at approximately $81,030,762. This represents a 44.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 7.29% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Paradigm Biocapital Advisors LP lifted its stake in Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after purchasing an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP increased its stake in Cogent Biosciences by 2.7% in the second quarter. Vestal Point Capital LP now owns 3,080,000 shares of the technology company's stock valued at $22,114,000 after purchasing an additional 80,000 shares during the last quarter. Octagon Capital Advisors LP raised its holdings in Cogent Biosciences by 111.7% during the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after purchasing an additional 1,458,000 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Cogent Biosciences by 10.6% during the 2nd quarter. Geode Capital Management LLC now owns 2,672,113 shares of the technology company's stock worth $19,189,000 after buying an additional 256,259 shares during the last quarter. Finally, Saturn V Capital Management LP lifted its position in shares of Cogent Biosciences by 55.2% during the 2nd quarter. Saturn V Capital Management LP now owns 2,297,524 shares of the technology company's stock worth $16,496,000 after buying an additional 817,504 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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