Stifel Nicolaus Upgrades Cogent Biosciences (NASDAQ:COGT) to Buy

Cogent Biosciences (NASDAQ:COGT) was upgraded by equities researchers at Stifel Nicolaus from a “hold” rating to a “buy” rating in a research report issued on Monday,Finviz reports. The brokerage currently has a $40.00 target price on the technology company’s stock. Stifel Nicolaus’ price objective points to a potential upside of 20.98% from the stock’s previous close.

A number of other brokerages have also commented on COGT. Raymond James Financial began coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They set a “strong-buy” rating and a $30.00 price target on the stock. HC Wainwright restated a “buy” rating and set a $21.00 price target on shares of Cogent Biosciences in a research report on Tuesday, November 4th. JPMorgan Chase & Co. upped their price target on shares of Cogent Biosciences from $30.00 to $44.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. Guggenheim lifted their price target on Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a research report on Monday, August 25th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Cogent Biosciences in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $25.17.

Cogent Biosciences Stock Up 123.1%

COGT stock traded up $18.24 during midday trading on Monday, reaching $33.06. The company had a trading volume of 12,345,169 shares, compared to its average volume of 2,050,619. The firm has a market capitalization of $3.76 billion, a PE ratio of -20.38 and a beta of 0.41. The stock has a 50 day moving average price of $14.40 and a 200 day moving average price of $10.53. Cogent Biosciences has a fifty-two week low of $3.72 and a fifty-two week high of $35.50.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Monday, November 3rd. The technology company reported ($0.50) earnings per share (EPS) for the quarter. Research analysts predict that Cogent Biosciences will post -2.42 EPS for the current 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. Osaic Holdings Inc. lifted its holdings in shares of Cogent Biosciences by 41.4% during the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after buying an additional 1,333 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings 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 worth $78,000 after purchasing an additional 1,003 shares during the period. CWM LLC raised its position in shares of 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 buying an additional 1,126 shares during the last quarter. Strs Ohio bought a new stake in shares of Cogent Biosciences in the first quarter valued at about $36,000. Finally, Ameritas Investment Partners Inc. lifted its position in shares of Cogent Biosciences by 16.6% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 10,839 shares of the technology company’s stock worth $78,000 after acquiring an additional 1,543 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.