Cogent Biosciences, Inc. (NASDAQ:COGT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) have been given a consensus rating of “Moderate Buy” by the eight brokerages that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a hold recommendation, four have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year target price among analysts that have covered the stock in the last year is $14.43.

COGT has been the subject of several recent analyst reports. Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Robert W. Baird lowered their price objective on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. HC Wainwright cut their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th.

Cogent Biosciences Price Performance

Cogent Biosciences stock opened at $4.77 on Friday. The business has a 50 day simple moving average of $7.58 and a 200-day simple moving average of $8.93. Cogent Biosciences has a 12 month low of $4.62 and a 12 month high of $12.61. The stock has a market capitalization of $543.06 million, a PE ratio of -1.92 and a beta of 1.67.

Institutional Trading of Cogent Biosciences

A number of large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in Cogent Biosciences by 99.2% in the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock valued at $129,240,000 after purchasing an additional 8,249,845 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Cogent Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock valued at $47,840,000 after purchasing an additional 418,975 shares during the period. Paradigm Biocapital Advisors LP increased its stake in Cogent Biosciences by 6.7% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,917,412 shares of the technology company’s stock valued at $38,356,000 after purchasing an additional 307,650 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its stake in Cogent Biosciences by 5.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock valued at $33,540,000 after purchasing an additional 233,966 shares during the last quarter. Finally, Octagon Capital Advisors LP lifted its holdings in shares of Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock worth $21,551,000 after acquiring an additional 1,458,000 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.