Cogent Biosciences (NASDAQ:COGT) Reaches New 1-Year High - What's Next?

Key Points

• Cogent Biosciences shares recently reached a new 52-week high of $16.86, up from a previous close of $16.27, with significant trading volume of 23,890 shares.
• Wall Street analysts have varied opinions on the stock, with two analysts rating it a Strong Buy, while others have assigned ratings from Buy to Sell, leading to a consensus price target of $20.00.
• Institutional investment has seen notable increases, with Osaic Holdings and other firms boosting their stakes in Cogent Biosciences, showcasing growing confidence in the company’s potential.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares reached a new 52-week high on Monday . The company traded as high as $16.57 and last traded at $16.86, with a volume of 23890 shares changing hands. The stock had previously closed at $16.27.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on COGT. HC Wainwright reduced their price target on shares of 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 increased their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Weiss Ratings restated a "sell (e+)" rating on shares of Cogent Biosciences in a report on Wednesday, October 8th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $29.00 to $30.00 and gave the stock an "overweight" rating in a report on Thursday, August 7th. Two research 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Cogent Biosciences presently has an average rating of "Moderate Buy" and a consensus target price of $20.00.

Cogent Biosciences Stock Up 3.3%

The stock has a market cap of $1.91 billion, a PE ratio of -9.48 and a beta of 0.30. The business's fifty day moving average is $12.84 and its 200 day moving average is $8.97.

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

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors have recently modified their holdings of the company. Osaic Holdings Inc. raised 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 valued at $33,000 after buying an additional 1,333 shares during the last quarter. Strs Ohio purchased a new stake in Cogent Biosciences in the first quarter valued at approximately $36,000. CWM LLC grew its holdings in 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 period. Ameritas Investment Partners Inc. grew 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 valued at $78,000 after purchasing an additional 1,543 shares during the period. Finally, Prudential Financial Inc. purchased a new stake in Cogent Biosciences during the second quarter worth approximately $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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