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Cogent Biosciences Inc (COGT) stock has reached a new 52-week high, hitting 13.51 USD, marking a remarkable recovery from its 52-week low of $3.72. With a market capitalization of $1.88 billion, the company has caught analysts’ attention, with targets ranging up to $30 per share. InvestingPro data reveals 5 analysts have revised their earnings upwards for the upcoming period. This milestone marks a significant point for the biotechnology company, reflecting positive sentiment in the market. Over the past year, Cogent Biosciences has experienced a notable increase in its stock value, with a 1-year change of 23.44%. The company maintains strong liquidity with a current ratio of 4.19, and its six-month return stands at an impressive 75%. This upward trajectory indicates growing investor confidence and a strong performance in the sector, positioning the company favorably in the competitive biotech landscape. Discover more insights and 8 additional exclusive tips with InvestingPro.
In other recent news, Cogent Biosciences has been the focus of several notable developments. Guggenheim raised its price target for Cogent to $20, citing positive topline data from the Phase 3 SUMMIT study of its KIT inhibitor, bezuclastinib, in non-advanced systemic mastocytosis. Similarly, Citi increased its price target to $22, also maintaining a Buy rating, following encouraging results from the SUMMIT trial. Raymond James reiterated its Strong Buy rating and $30 price target, emphasizing upcoming pivotal data and a planned New Drug Application for bezuclastinib in various systemic mastocytosis forms. The firm also added Cogent to its Analyst Current Favorites list, highlighting the drug’s strong growth potential and best-in-class potential in the systemic mastocytosis market.
In a separate development, Cogent announced a $150 million public offering of common stock, with an option for underwriters to purchase an additional $22.5 million. This move aims to bolster the company’s financial resources. Investors are closely watching these developments as Cogent continues to advance its drug pipeline.
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