The share price of Cogent Biosciences Inc. (NASDAQ:COGT) rose to $14.64 per share on Tuesday from $13.35. While Cogent Biosciences Inc. has overperformed by 9.66%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, COGT rose by 91.37%, with highs and lows ranging from $18.07 to $3.79, whereas the simple moving average jumped by 31.33% in the last 200 days.
On December 14, 2022, Needham started tracking Cogent Biosciences Inc. (NASDAQ: COGT) recommending Buy. A report published by Guggenheim on June 28, 2022, Initiated its previous ‘Buy’ rating for COGT. H.C. Wainwright also rated COGT shares as ‘Buy’, setting a target price of $25 on the company’s shares in an initiating report dated October 11, 2021. Jefferies Initiated an Buy rating on June 09, 2021, and assigned a price target of $20. Piper Sandler initiated its ‘Overweight’ rating for COGT, as published in its report on December 23, 2020. Ladenburg Thalmann’s report from October 14, 2020 suggests a price prediction of $4 for COGT shares, giving the stock a ‘Buy’ rating.
Analysis of Cogent Biosciences Inc. (COGT)
To gain a thorough understanding of Cogent Biosciences Inc.’s future performance, several well-rounded types of analysis and research techniques can be used, with equity being among the most crucial. The goal here is to ensure that your current return on equity of -70.70% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 12.60, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
It is also very valuable to look at average volume as an indicator of volatility for a stock, and COGT is recording an average volume of 800.97K. On a monthly basis, the volatility of the stock is set at 6.17%, whereas on a weekly basis, it is put at 6.75%, with a gain of 15.64% over the past seven days. Furthermore, long-term investors anticipate a median target price of $22.14, showing growth from the present price of $14.64, which can serve as yet another indication of whether COGT is worth investing in or should be passed over.
Are institutional investors increasing their holdings in COGT shares?
The recent increase in stakes in COGT appears to be a result of several institutional investors and hedge funds increasing their positions. Commodore Capital LP’s position in COGT has decreased by -12.64% in the first quarter. The company now owns 4,319,940 shares of the stock, with a value of $49.94 million, following the sale of -624,768 additional shares during the last quarter. BlackRock Fund Advisors made another increased to its shares in COGT during the first quarter, upping its stake by 39.77%.
At the end of the first quarter, SSgA Funds Management, Inc. increased its COGT holdings by 391.04% and now holds 3.41 million COGT shares valued at $39.4 million with the added 2.71 million shares during the period.