Cogent Biosciences (NASDAQ:COGT) Reaches New 1-Year High After Better-Than-Expected Earnings

Cogent Biosciences, Inc. (NASDAQ:COGT) hit a new 52-week high during mid-day trading on Monday after the company announced better than expected quarterly earnings. The stock traded as high as $32.79 and last traded at $32.0290, with a volume of 2932766 shares traded. The stock had previously closed at $14.82.

The technology company reported ($0.50) EPS for the quarter.

Analyst Ratings Changes

A number of brokerages have recently commented on COGT. HC Wainwright reiterated a “buy” rating and set a $21.00 price target on shares of Cogent Biosciences in a report on Tuesday, November 4th. Weiss Ratings restated a “sell (e+)” rating on shares of Cogent Biosciences in a research note on Wednesday, October 8th. Stifel Nicolaus upgraded shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a research note on Monday. Leerink Partners increased their price target on shares of Cogent Biosciences from $18.00 to $50.00 and gave the company an “outperform” rating in a report on Monday. Finally, Citigroup raised their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a “buy” rating in a research report on Friday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.83.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Paradigm Biocapital Advisors LP boosted its stake in Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after buying an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP acquired a new position in shares of Cogent Biosciences in the 1st quarter valued at $17,970,000. Emerald Advisers LLC bought a new position in shares of Cogent Biosciences during the 2nd quarter worth about $10,381,000. Vanguard Group Inc. boosted its position in shares of Cogent Biosciences by 18.9% during the 3rd quarter. Vanguard Group Inc. now owns 7,757,662 shares of the technology company’s stock valued at $111,400,000 after acquiring an additional 1,234,711 shares in the last quarter. Finally, Woodline Partners LP boosted its position in shares of Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company’s stock valued at $10,108,000 after acquiring an additional 1,074,375 shares in the last quarter.

Cogent Biosciences Price Performance

The firm has a market cap of $3.70 billion, a P/E ratio of -19.79 and a beta of 0.41. The stock’s 50 day moving average is $14.80 and its two-hundred day moving average is $10.73.

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.