Cogent Biosciences (NASDAQ:COGT) Reaches New 12-Month High – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.21 and last traded at $12.05, with a volume of 76337 shares changing hands. The stock had previously closed at $11.86.

Analysts Set New Price Targets

Several brokerages have recently commented on COGT. Robert W. Baird boosted their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Wedbush restated a “neutral” rating and issued a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Citigroup raised their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Cogent Biosciences in a research note on Wednesday, August 7th. Finally, HC Wainwright decreased their price target on Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $15.00.

Cogent Biosciences Stock Performance

The stock’s 50-day moving average price is $10.70 and its 200-day moving average price is $9.03.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period in the previous year, the company posted ($0.59) EPS. Research analysts anticipate that Cogent Biosciences, Inc. will post -2.25 EPS 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. Values First Advisors Inc. acquired a new position in Cogent Biosciences during the 3rd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after buying an additional 1,104 shares during the last quarter. nVerses Capital LLC acquired a new position in Cogent Biosciences in the third quarter valued at approximately $76,000. Russell Investments Group Ltd. boosted its stake in Cogent Biosciences by 234.5% in the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock valued at $67,000 after acquiring an additional 7,020 shares during the last quarter. Finally, Quest Partners LLC acquired a new stake in Cogent Biosciences during the 2nd quarter worth $89,000.

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.