Cogent Biosciences (NASDAQ:COGT) Sets New 52-Week High - Here's What Happened

Key Points

• Cogent Biosciences reached a new 52-week high, trading at $13.55 during mid-day trading, with significant share volume of nearly 395,000.
• Analysts have varied price targets for Cogent, with a consensus average target of $20.00, reflecting a range of ratings from "Strong Buy" to "Neutral."
• A notable insider transaction occurred when Director Fairmount Funds Management acquired 2.8 million shares at $9.00 each, increasing their stake in the company significantly.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $13.55 and last traded at $13.40, with a volume of 394742 shares changing hands. The stock had previously closed at $12.94.

Analysts Set New Price Targets

COGT has been the subject of several recent research reports. Robert W. Baird upped their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Tuesday, July 8th. Raymond James Financial initiated coverage on Cogent Biosciences in a research note on Tuesday, September 2nd. They issued a "strong-buy" rating and a $30.00 price objective for the company. Citigroup increased their target price on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Wedbush reissued a "neutral" rating and set a $10.00 target price on shares of Cogent Biosciences in a research report on Monday, June 30th. Finally, Leerink Partners increased their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Two equities research 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 company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $20.00.

Cogent Biosciences Stock Performance

The firm has a 50 day simple moving average of $12.10 and a two-hundred day simple moving average of $8.26. The firm has a market capitalization of $1.52 billion, a P/E ratio of -7.53 and a beta of 0.35.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) earnings per share for the quarter, beating the consensus estimate of ($0.55) by $0.02. Sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the company's stock in a transaction on Thursday, July 10th. The shares were acquired at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the purchase, 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 acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 7.29% of the company's stock.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in COGT. Osaic Holdings Inc. increased its holdings in Cogent Biosciences by 41.4% in the 2nd quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company's stock worth $33,000 after acquiring an additional 1,333 shares during the last quarter. Strs Ohio bought a new stake in shares of Cogent Biosciences during the first quarter valued at about $36,000. CWM LLC increased its position in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after buying an additional 8,665 shares during the period. Ameritas Investment Partners Inc. increased its position in shares of Cogent Biosciences by 16.6% during the second quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company's stock valued at $78,000 after buying an additional 1,543 shares during the period. Finally, Prudential Financial Inc. bought a new stake in shares of Cogent Biosciences during the second quarter valued at about $93,000.

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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