JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Cogent Biosciences (NASDAQ:COGT) Stock

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 price target increased by analysts at JPMorgan Chase & Co. from $29.00 to $30.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an "overweight" rating on the technology company's stock. JPMorgan Chase & Co.'s price objective suggests a potential upside of 174.47% from the stock's previous close.

Other research analysts have also issued reports about the company. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Robert W. Baird raised their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Leerink Partners raised their target price on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Monday, July 7th. Guggenheim reissued a "buy" rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, July 8th. Finally, Citigroup lifted their target price on Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cogent Biosciences has an average rating of "Moderate Buy" and a consensus target price of $18.70.

Cogent Biosciences Trading Down 0.3%

Shares of NASDAQ COGT traded down $0.03 during midday trading on Thursday, reaching $10.93. 919,786 shares of the stock were exchanged, compared to its average volume of 2,306,581. Cogent Biosciences has a 52-week low of $3.72 and a 52-week high of $12.97. The stock has a 50 day moving average price of $9.35 and a 200-day moving average price of $7.37. The company has a market capitalization of $1.24 billion, a P/E ratio of -6.14 and a beta of 0.36.

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

Insiders Place Their Bets

In other news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of the company's stock in a transaction on Thursday, July 10th. The shares were purchased at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the transaction, the director owned 9,003,418 shares of the company's stock, valued at $81,030,762. The trade was a 44.62% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.29% of the company's stock.

Hedge Funds Weigh In On Cogent Biosciences

Large investors have recently bought and sold shares of the stock. FMR LLC grew its stake in shares of Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after acquiring an additional 8,249,845 shares during the last quarter. Paradigm Biocapital Advisors LP lifted its stake in shares of Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after acquiring an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP bought a new stake in Cogent Biosciences during the 1st quarter valued at $17,970,000. Octagon Capital Advisors LP grew its stake in Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after buying an additional 1,458,000 shares during the last quarter. Finally, Emerald Advisers LLC purchased a new stake in Cogent Biosciences during the 2nd quarter valued at about $10,381,000.

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.