Cogent Biosciences, Inc. (NASDAQ:COGT) Receives $20.00 Consensus PT from Brokerages

Cogent Biosciences, Inc. (NASDAQ:COGT) has been given an average rating of “Moderate Buy” by the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $20.00.

A number of brokerages have issued reports on COGT. JPMorgan Chase & Co. lifted their price target on shares of Cogent Biosciences from $29.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. HC Wainwright reduced their price target on shares of Cogent Biosciences from $22.00 to $21.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Guggenheim lifted their price target on shares of Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, August 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a report on Tuesday, June 17th.

Insider Transactions at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc purchased 2,777,777 shares of Cogent Biosciences 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 acquisition, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 7.29% of the company’s stock.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. grew its stake in shares of 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 buying an additional 1,333 shares in the last quarter. Strs Ohio purchased a new position in shares of Cogent Biosciences in the 1st quarter worth $36,000. CWM LLC grew its stake in shares of Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after buying an additional 8,665 shares in the last quarter. Ameritas Investment Partners Inc. grew its stake in shares of Cogent Biosciences by 16.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company’s stock worth $78,000 after buying an additional 1,543 shares in the last quarter. Finally, Prudential Financial Inc. purchased a new position in shares of Cogent Biosciences in the 2nd quarter worth $93,000.

Cogent Biosciences Price Performance

Shares of COGT stock opened at $12.94 on Friday. The company has a market capitalization of $1.47 billion, a price-to-earnings ratio of -7.27 and a beta of 0.35. Cogent Biosciences has a one year low of $3.72 and a one year high of $13.50. The company’s fifty day moving average price is $12.10 and its 200-day moving average price is $8.26.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.02. Equities research analysts expect that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

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.