Cogent Biosciences (NASDAQ:COGT) Reaches New 52-Week High - Still a Buy?

Key Points

• Cogent Biosciences (NASDAQ:COGT) reached a new 52-week high of $18.00 during trading, closing at $16.46.
• Analysts have varying opinions on the stock, with target prices ranging from $16.00 to $30.00 and a consensus rating of "Moderate Buy."
• In its latest earnings report, Cogent Biosciences posted an EPS of ($0.53), slightly exceeding analysts' expectations of ($0.55).

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares reached a new 52-week high during mid-day trading on Monday . The stock traded as high as $18.00 and last traded at $16.46, with a volume of 61182 shares changing hands. The stock had previously closed at $16.39.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Leerink Partners upped their target price on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Stifel Nicolaus started coverage on Cogent Biosciences in a research report on Wednesday. They issued a "hold" rating and a $16.00 price target on the stock. Raymond James Financial assumed coverage on Cogent Biosciences in a research report on Tuesday, September 2nd. They set a "strong-buy" rating and a $30.00 target price on the stock. HC Wainwright lowered their price objective 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. Finally, Jefferies Financial Group increased their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $19.67.

Cogent Biosciences Trading Down 2.4%

The stock has a market capitalization of $1.82 billion, a P/E ratio of -8.98 and a beta of 0.30. The company's 50-day moving average is $13.33 and its two-hundred day moving average is $9.33.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, topping analysts' consensus estimates of ($0.55) by $0.02. Sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Goldman Sachs Group Inc. grew its stake in shares of Cogent Biosciences by 14.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock worth $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Exome Asset Management LLC acquired a new position in shares of Cogent Biosciences in the 1st quarter worth approximately $3,724,000. Fox Run Management L.L.C. grew its stake in shares of 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 worth $279,000 after purchasing an additional 36,518 shares during the last quarter. Paradigm Biocapital Advisors LP grew its stake in shares of 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 worth $53,692,000 after purchasing an additional 4,046,243 shares during the last quarter. Finally, Knott David M Jr acquired a new position in shares of Cogent Biosciences in the 1st quarter worth approximately $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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