Cogent Biosciences (NASDAQ:COGT) Stock Price Up 7.1% – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price was up 7.1% during trading on Wednesday . The stock traded as high as $37.86 and last traded at $37.7870. Approximately 173,444 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 2,183,854 shares. The stock had previously closed at $35.28.

Wall Street Analyst Weigh In

COGT has been the subject of a number of research reports. Wedbush upgraded Cogent Biosciences from a “neutral” rating to an “outperform” rating and set a $38.00 price objective for the company in a research report on Monday, November 10th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a report on Monday, December 8th. Jefferies Financial Group reaffirmed a “buy” rating and set a $48.00 price objective on shares of Cogent Biosciences in a research report on Monday, December 8th. Leerink Partners upped their price objective on shares of Cogent Biosciences from $18.00 to $50.00 and gave the company an “outperform” rating in a research note on Monday, November 10th. Finally, Stifel Nicolaus upgraded shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, November 10th. Three investment analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $38.00.

Cogent Biosciences Trading Down 0.8%

The stock has a market capitalization of $5.54 billion, a price-to-earnings ratio of -23.74 and a beta of 0.50. The company has a current ratio of 6.38, a quick ratio of 6.38 and a debt-to-equity ratio of 0.23. The company has a fifty day moving average of $37.04 and a two-hundred day moving average of $21.24.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Monday, November 3rd. The technology company reported ($0.50) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.04. On average, research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Insider Buying and Selling

In other news, insider Jessica Sachs sold 82,642 shares of the company’s stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $38.70, for a total transaction of $3,198,245.40. Following the completion of the transaction, the insider directly owned 133,938 shares in the company, valued at $5,183,400.60. The trade was a 38.16% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Edward Robinson sold 90,000 shares of the firm’s stock in a transaction on Friday, December 26th. The stock was sold at an average price of $38.74, for a total transaction of $3,486,600.00. Following the completion of the sale, the insider owned 140,002 shares in the company, valued at approximately $5,423,677.48. The trade was a 39.13% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 237,642 shares of company stock valued at $9,200,345. Insiders own 7.29% of the company’s stock.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently bought and sold shares of the stock. Deerfield Management Company L.P. raised its position in shares of Cogent Biosciences by 242.9% during the third quarter. Deerfield Management Company L.P. now owns 9,053,118 shares of the technology company’s stock valued at $130,003,000 after buying an additional 6,412,903 shares during the last quarter. Fairmount Funds Management LLC raised its holdings in Cogent Biosciences by 44.6% in 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 acquiring an additional 2,777,777 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Cogent Biosciences by 18.9% in the 3rd 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 during the period. Commodore Capital LP grew its holdings in shares of Cogent Biosciences by 213.7% during the 3rd quarter. Commodore Capital LP now owns 7,250,000 shares of the technology company’s stock worth $104,110,000 after purchasing an additional 4,938,836 shares in the last quarter. Finally, Vestal Point Capital LP increased its position in shares of Cogent Biosciences by 2.7% during the second quarter. Vestal Point Capital LP now owns 3,080,000 shares of the technology company’s stock valued at $22,114,000 after purchasing an additional 80,000 shares during the period.

About Cogent Biosciences

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.