Cogent Biosciences (NASDAQ:COGT) Reaches New 12-Month High on Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) reached a new 52-week high during mid-day trading on Friday after Citigroup raised their price target on the stock from $15.00 to $22.00. Citigroup currently has a buy rating on the stock. Cogent Biosciences traded as high as $12.95 and last traded at $12.57, with a volume of 819515 shares trading hands. The stock had previously closed at $12.20.

A number of other equities analysts have also recently commented on the stock. Leerink Partners boosted their price target on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Monday, July 7th. Jefferies Financial Group boosted their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a report on Monday, July 7th. HC Wainwright boosted their price objective on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday, July 8th. JPMorgan Chase & Co. boosted their price objective on shares of Cogent Biosciences from $25.00 to $29.00 and gave the stock an "overweight" rating in a report on Thursday, July 10th. Finally, Robert W. Baird boosted their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Three equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $18.70.

Insider Buying and Selling

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the firm's stock in a transaction on Thursday, July 10th. The stock was acquired at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the acquisition, the director owned 9,003,418 shares of the company's stock, valued at $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 7.29% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COGT. Balyasny Asset Management L.P. grew its position in shares of Cogent Biosciences by 8.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after buying an additional 1,687 shares during the period. Teacher Retirement System of Texas grew its position in shares of Cogent Biosciences by 15.4% in the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock worth $140,000 after buying an additional 2,396 shares during the period. Arizona State Retirement System grew its position in shares of Cogent Biosciences by 18.0% in the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after buying an additional 3,142 shares during the period. MetLife Investment Management LLC grew its position in shares of Cogent Biosciences by 6.3% in the 4th quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock worth $443,000 after buying an additional 3,382 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of Cogent Biosciences by 6.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock worth $377,000 after buying an additional 3,693 shares during the period.

Cogent Biosciences Stock Performance

The company's 50-day moving average is $7.22 and its 200 day moving average is $6.96. The company has a market capitalization of $1.41 billion, a PE ratio of -6.74 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. On average, analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

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.