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

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

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

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective on shares of Cogent Biosciences in a report on Tuesday, November 4th. Citigroup increased their price target on Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a research note on Friday, July 18th. Stifel Nicolaus began coverage on Cogent Biosciences in a research note on Wednesday, October 15th. They issued a “hold” rating and a $16.00 price objective on the stock. Raymond James Financial began coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They issued a “strong-buy” rating and a $30.00 price objective for the company. Finally, Guggenheim lifted their target price on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a report on Monday, August 25th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $20.83.

Institutional Trading of Cogent Biosciences

Institutional investors have recently made changes to their positions in the stock. 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 in the last quarter. Strs Ohio acquired a new stake in shares of Cogent Biosciences in the first quarter valued at about $36,000. CWM LLC increased its stake in shares of Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after purchasing an additional 8,665 shares during the period. Ameritas Investment Partners Inc. lifted its position in shares of Cogent Biosciences by 16.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company’s stock worth $78,000 after purchasing an additional 1,543 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew 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 valued at $78,000 after buying an additional 1,003 shares during the last quarter.

Cogent Biosciences Stock Performance

The company has a 50-day simple moving average of $14.40 and a 200 day simple moving average of $10.53. The company has a market capitalization of $3.94 billion, a P/E ratio of -21.10 and a beta of 0.41.

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.