Cogent Biosciences (NASDAQ:COGT) Sets New 12-Month High – Still a Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price reached a new 52-week high during trading on Thursday . The company 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.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on COGT shares. Raymond James Financial began coverage on shares of Cogent Biosciences in a research note on Tuesday, September 2nd. They set a “strong-buy” rating and a $30.00 target price for the company. JPMorgan Chase & Co. upped their price objective on Cogent Biosciences from $30.00 to $44.00 and gave the company an “overweight” rating in a research report on Tuesday, October 21st. Guggenheim increased their target price on Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, August 25th. HC Wainwright raised their target price on Cogent Biosciences from $21.00 to $50.00 and gave the stock a “buy” rating in a research report on Thursday, November 13th. Finally, Leerink Partners boosted their price target on Cogent Biosciences from $18.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Two analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $32.33.

Cogent Biosciences Stock Up 3.6%

The company has a 50-day moving average of $17.78 and a two-hundred day moving average of $12.10. The company has a debt-to-equity ratio of 0.23, a current ratio of 6.38 and a quick ratio of 6.38. The company has a market capitalization of $5.16 billion, a PE ratio of -22.14 and a beta of 0.41.

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

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Cogent Biosciences by 22.8% during 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 purchasing an additional 1,003 shares during the period. ProShare Advisors LLC increased its stake in Cogent Biosciences by 4.1% in the 2nd quarter. ProShare Advisors LLC now owns 26,021 shares of the technology company’s stock worth $187,000 after buying an additional 1,020 shares in the last quarter. Corton Capital Inc. raised its holdings in Cogent Biosciences by 6.4% during the second quarter. Corton Capital Inc. now owns 17,438 shares of the technology company’s stock valued at $125,000 after acquiring an additional 1,046 shares during the period. CWM LLC raised its holdings 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 acquiring an additional 1,126 shares during the period. Finally, Osaic Holdings Inc. lifted its position in shares of Cogent Biosciences by 41.4% in the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock valued at $33,000 after acquiring an additional 1,333 shares in the last quarter.

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.