Cogent Biosciences (NASDAQ:COGT) Reaches New 1-Year High – Here’s What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT) hit a new 52-week high on Monday . The company traded as high as $43.73 and last traded at $38.9430, with a volume of 609116 shares traded. The stock had previously closed at $38.77.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on COGT shares. HC Wainwright upped their price objective on Cogent Biosciences from $21.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, November 13th. Stifel Nicolaus upgraded Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Monday, November 10th. Guggenheim increased their price objective on Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, August 25th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a report on Monday. Finally, JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $30.00 to $44.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 21st. Two research 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Cogent Biosciences Stock Up 2.5%

The company has a market cap of $5.66 billion, a P/E ratio of -24.20 and a beta of 0.49. The company has a quick ratio of 6.38, a current ratio of 6.38 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $24.04 and a 200 day moving average of $15.02.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.04. On average, research analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COGT. Osaic Holdings Inc. boosted its stake in shares of Cogent Biosciences by 41.4% during 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. Mirae Asset Global Investments Co. Ltd. raised its holdings in Cogent Biosciences by 22.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,401 shares of the technology company’s stock worth $78,000 after purchasing an additional 1,003 shares during the period. CWM LLC lifted its position in Cogent Biosciences by 25.3% during the third quarter. CWM LLC now owns 5,582 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,126 shares in the last quarter. Strs Ohio purchased a new position in Cogent Biosciences during the first quarter valued at $36,000. Finally, Gordian Capital Singapore Pte Ltd grew its holdings in Cogent Biosciences by 181.3% during the third quarter. Gordian Capital Singapore Pte Ltd now owns 9,000 shares of the technology company’s stock valued at $129,000 after purchasing an additional 5,800 shares during the period.

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.