JPMorgan Chase & Co. Increases Cogent Biosciences (NASDAQ:COGT) Price Target to $30.00

Key Points

• JPMorgan Chase & Co. has raised its price target for Cogent Biosciences from $29.00 to $30.00, indicating a potential upside of 176.24% from its current trading price.
• Cogent Biosciences' stock has seen a recent decline of 1.0%, currently trading at $10.86, with a market capitalization of $1.24 billion.
• In a display of confidence, Director Fairmount Funds Management purchased 2,777,777 shares at an average price of $9.00, increasing their ownership by 44.62%.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) had its target price boosted by stock analysts at JPMorgan Chase & Co. from $29.00 to $30.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price target points to a potential upside of 176.24% from the company's current price.

Other equities research analysts also recently issued reports about the stock. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Leerink Partners lifted their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Jefferies Financial Group boosted their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a report on Monday, July 7th. Wedbush reaffirmed a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. Finally, Robert W. Baird boosted their price target on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Tuesday, July 8th. Three investment 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 company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $18.70.

Cogent Biosciences Stock Down 1.0%

NASDAQ COGT traded down $0.11 on Thursday, reaching $10.86. The stock had a trading volume of 1,698,148 shares, compared to its average volume of 2,017,429. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $12.97. The stock has a fifty day moving average price of $9.02 and a two-hundred day moving average price of $7.33. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -6.10 and a beta of 0.36.

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

Insider Buying and Selling

In other Cogent Biosciences news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the business's stock in a transaction on Thursday, July 10th. The shares were bought at an average cost of $9.00 per share, for a total transaction of $24,999,993.00. Following the completion of the purchase, the director directly owned 9,003,418 shares of the company's stock, valued at approximately $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 7.29% of the stock is owned by company insiders.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently made changes to their positions in the stock. Strs Ohio acquired a new stake in shares of Cogent Biosciences in the first quarter valued at $36,000. CWM LLC raised 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 last quarter. Schonfeld Strategic Advisors LLC acquired a new position in shares of Cogent Biosciences in the 4th quarter valued at $78,000. Hsbc Holdings PLC acquired a new position in Cogent Biosciences during the fourth quarter worth $81,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at $88,000.

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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