Cogent Biosciences (NASDAQ:COGT) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Cogent Biosciences (NASDAQ:COGT) had its price objective raised by analysts at JPMorgan Chase & Co. from $65.00 to $67.00 in a research note issued on Friday,Benzinga reports. The firm currently has an “overweight” rating on the technology company’s stock. JPMorgan Chase & Co.‘s price objective indicates a potential upside of 71.49% from the company’s previous close.

Several other equities research analysts have also recently weighed in on COGT. Robert W. Baird upped their price target on shares of Cogent Biosciences from $14.00 to $34.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 11th. HC Wainwright boosted their price objective on shares of Cogent Biosciences from $21.00 to $50.00 and gave the stock a “buy” rating in a research note on Thursday, November 13th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cogent Biosciences in a research report on Monday. Jefferies Financial Group reiterated a “buy” rating and issued a $48.00 price target on shares of Cogent Biosciences in a report on Monday, December 8th. Finally, Leerink Partners boosted their price target on Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Two equities 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 MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $37.82.

Cogent Biosciences Stock Up 3.1%

Shares of COGT stock traded up $1.17 during mid-day trading on Friday, hitting $39.07. The stock had a trading volume of 710,825 shares, compared to its average volume of 2,261,052. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $43.73. 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 firm’s 50-day moving average is $28.47 and its two-hundred day moving average is $17.05. The firm has a market capitalization of $5.56 billion, a P/E ratio of -23.82 and a beta of 0.50.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Monday, November 3rd. The technology company reported ($0.50) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.04. On average, analysts predict that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Deerfield Management Company L.P. boosted its position in shares of Cogent Biosciences by 242.9% in the 3rd 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 in the last quarter. Fairmount Funds Management LLC increased its position in Cogent Biosciences by 44.6% during the 3rd quarter. Fairmount Funds Management LLC now owns 9,003,418 shares of the technology company’s stock valued at $129,289,000 after buying an additional 2,777,777 shares in the last quarter. Paradigm Biocapital Advisors LP raised its stake in Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock valued at $53,692,000 after buying an additional 4,046,243 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Cogent Biosciences by 18.9% in the third quarter. Vanguard Group Inc. now owns 7,757,662 shares of the technology company’s stock worth $111,400,000 after acquiring an additional 1,234,711 shares in the last quarter. Finally, Commodore Capital LP boosted its holdings in Cogent Biosciences by 213.7% in the third quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock worth $104,110,000 after acquiring an additional 4,938,836 shares in the last quarter.

Cogent Biosciences Company Profile

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.