Cogent Biosciences (NASDAQ:COGT) Hits New 12-Month High – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price hit a new 52-week high during trading on Thursday . The stock traded as high as $36.43 and last traded at $35.9890, with a volume of 843309 shares traded. The stock had previously closed at $34.94.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the company. HC Wainwright raised their price objective on Cogent Biosciences from $21.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Robert W. Baird lifted their price target on Cogent Biosciences from $14.00 to $34.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 11th. Stifel Nicolaus raised shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, November 10th. Leerink Partners raised their price objective on shares of Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a research note on Monday, November 10th. Finally, Guggenheim upped their target price on Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a research note on Monday, August 25th. 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 stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $32.33.

Cogent Biosciences Price Performance

The company has a market capitalization of $5.23 billion, a price-to-earnings ratio of -22.41 and a beta of 0.41. The company has a fifty day simple moving average of $18.70 and a two-hundred day simple moving average of $12.47. The company has a debt-to-equity ratio of 0.23, a quick ratio of 6.38 and a current ratio of 6.38.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Monday, November 3rd. The technology company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.04. As a group, research analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently bought and sold shares of COGT. Deerfield Management Company L.P. raised its stake in Cogent Biosciences by 242.9% during the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock worth $130,003,000 after purchasing an additional 6,412,903 shares during the period. Commodore Capital LP raised its position in shares of Cogent Biosciences by 213.7% in the 3rd quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock worth $104,110,000 after buying an additional 4,938,836 shares during the period. Paradigm Biocapital Advisors LP raised its position in shares of Cogent Biosciences by 82.3% in the 1st 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 during the period. Vestal Point Capital LP acquired a new position in Cogent Biosciences in the first quarter valued at $17,970,000. Finally, Fairmount Funds Management LLC grew its position in Cogent Biosciences by 44.6% during the third quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock valued at $129,289,000 after acquiring an additional 2,777,777 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.