Cogent Biosciences (COGT) AI Stock Analysis

• Market Cap: $5.46B
• Dividend Yield: N/A
• Average Volume (3M): 2.24M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.81
• Revenue Growth: N/A
• EPS Growth: 4.32%
• Country: US
• Employees: 205
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.50
• Shares Outstanding: 152,053,960
• 10 Day Avg. Volume: 2,479,917
• 30 Day Avg. Volume: 2,239,805
• PEG Ratio: -1.92
• Price to Book (P/B): 3.16
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -3.89
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: -4.66K
• Enterprise Value/Ebitda: -18.15
• 1Y Price Target: $50.33
• Price Target Upside: 40.16% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 13
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 56 Neutral
• Price Target: $39.00 ▲(8.60% Upside)

The score is held back primarily by weak financial performance (no revenue, widening losses, and substantial cash burn with rising debt), partially offset by constructive technical momentum and meaningful positive clinical-trial corporate events that improve the long-term opportunity set. Valuation signals remain challenged due to ongoing losses and lack of dividend support.

Positive Factors

Strong Equity Position

A strong equity position with limited financial leverage provides a solid foundation for future growth and resilience against financial challenges.

Precision Therapies Focus

Focusing on precision therapies for genetic diseases positions the company in a niche market with potential for high-impact treatments and partnerships.

Partnership Opportunities

Partnerships can provide resources, expertise, and financial support, enhancing product development and market reach.

Negative Factors

No Recent Revenue

The absence of recent revenue highlights challenges in monetizing products, which can strain financial resources and delay growth.

Negative Cash Flows

Negative cash flows indicate reliance on external funding, which can limit operational flexibility and increase financial risk.

Substantial Operating Losses

Substantial operating losses reflect challenges in achieving profitability, which can hinder investment in growth and innovation.

Cogent Biosciences Business Overview & Revenue Model

Company Description

Cogent Biosciences, Inc., a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit the 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. It has a licensing agreement with Plexxikon Inc. for the research, development, and commercialization of bezuclastinib. The company was formerly known as Unum Therapeutics Inc. and changed its name to Cogent Biosciences, Inc. in October 2020. Cogent Biosciences, Inc. was incorporated in 2014 and is headquartered in Cambridge, Massachusetts.

How the Company Makes Money

Cogent Biosciences makes money primarily through the development and commercialization of its precision therapies. The company generates revenue by advancing its drug candidates through clinical trials, securing regulatory approvals, and eventually launching these products into the market. Revenue streams include potential sales of approved therapies, milestone payments, and royalties from partnerships with larger pharmaceutical companies who may assist in the distribution and marketing of their products. Significant partnerships with other biotech firms and research institutions may also contribute to earnings by sharing resources, expertise, and financial support in the development of their therapies.

Cogent Biosciences Financial Statement Overview

Summary

Pre-revenue profile with $0 revenue in recent periods, widening net losses (about -$256M in 2024 and -$294M TTM), and large ongoing cash burn (about -$246M operating cash flow and -$247M free cash flow TTM). Balance sheet provides some cushion via equity (~$302M TTM) and assets (~$426M TTM), but rising debt (~$61M TTM) and deeply negative returns increase financing and execution risk.

Income Statement

COGT is still in a heavy investment phase with no meaningful revenue in the most recent periods (annual 2021–2024 and TTM (Trailing-Twelve-Months) show $0 revenue). Losses have widened materially over time, with net loss increasing from about -$72M (2021) to -$256M (2024) and -$294M in TTM (Trailing-Twelve-Months), signaling rising operating spend without offsetting commercialization. The primary positive is that this pattern is not unusual for a biotechnology company pre-commercialization, but the trajectory of widening losses increases execution risk and raises the bar for future clinical and funding milestones.

Balance Sheet

The balance sheet shows a solid equity base (about $302M in TTM (Trailing-Twelve-Months)) and growing assets (about $426M in TTM (Trailing-Twelve-Months)), which provides some cushion for ongoing R&D. However, leverage has increased meaningfully: total debt rose from roughly $17M (2024) to ~$61M in TTM (Trailing-Twelve-Months), pushing debt relative to equity higher as well. Profitability remains deeply negative (return on equity around -1.20 in TTM (Trailing-Twelve-Months)), so while the company is not highly levered in absolute terms, the balance sheet is still dependent on continued access to capital if losses persist.

Cash Flow

Cash generation is a key weakness: operating cash flow and free cash flow are consistently and substantially negative, worsening from about -$59M operating cash flow (2021) to -$208M (2024) and roughly -$246M in TTM (Trailing-Twelve-Months). Free cash flow also remains negative (about -$247M in TTM (Trailing-Twelve-Months)), indicating ongoing cash burn to fund operations. While TTM (Trailing-Twelve-Months) free cash flow growth is positive versus the prior period in the dataset, the absolute burn rate is still high, implying potential future dilution or financing needs unless spending moderates or revenue ramps.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	7.87M
Gross Profit	-1.16M	0.00	0.00	0.00	0.00	-17.87M
EBITDA	-297.31M	-271.59M	-204.54M	-141.96M	-73.56M	-34.57M
Net Income	-294.37M	-255.86M	-192.41M	-140.24M	-72.27M	-74.81M
Balance Sheet
Total Assets	425.93M	327.90M	313.44M	300.81M	232.09M	250.92M
Cash, Cash Equivalents and Short-Term Investments	390.89M	287.08M	265.71M	259.28M	219.68M	242.19M
Total Debt	60.56M	17.47M	18.85M	19.65M	3.15M	5.21M
Total Liabilities	123.47M	71.61M	55.63M	45.08M	17.91M	16.25M
Stockholders Equity	302.46M	256.29M	257.80M	255.74M	214.18M	234.67M
Cash Flow
Free Cash Flow	-246.73M	-208.36M	-156.42M	-125.50M	-60.48M	-35.85M
Operating Cash Flow	-245.92M	-207.79M	-153.62M	-118.64M	-58.76M	-35.85M
Investing Cash Flow	-15.09M	38.28M	-97.82M	-124.72M	-1.72M	8.42M
Financing Cash Flow	289.59M	214.45M	163.54M	163.56M	37.98M	232.20M

Cogent Biosciences Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 35.91
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For COGT, the sentiment is Positive. The current price of 35.91 is below the 20-day moving average (MA) of 37.04, below the 50-day MA of 37.99, and above the 200-day MA of 17.82, indicating a neutral trend. The MACD of 0.49 indicates Positive momentum. The RSI at 50.87 is Neutral, neither overbought nor oversold. The STOCH value of 43.13 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for COGT.

Cogent Biosciences Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
HRMY	81 Outperform	$2.10B	11.50	25.93%	―	21.13%	50.86%
IDYA	63 Neutral	$2.82B	-17.35	-14.15%	―	5376.27%	20.97%
COGT	56 Neutral	$5.46B	-15.15	-95.40%	―	―	4.32%
BEAM	53 Neutral	$2.80B	-6.23	-47.19%	―	-84.07%	-157.71%
IRON	52 Neutral	$2.92B	-14.43	-34.78%	―	―	-34.96%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
IMCR	47 Neutral	$1.64B	-55.72	-7.52%	―	27.51%	38.72%

Cogent Biosciences Corporate Events

Cogent Biosciences Reports Positive Clinical Trial Results

On December 6 and 8, 2025, Cogent Biosciences announced significant results from their clinical trials of bezuclastinib for systemic mastocytosis. The SUMMIT trial showed that bezuclastinib led to substantial improvements in patients with nonadvanced systemic mastocytosis, while the APEX trial demonstrated positive outcomes for those with advanced systemic mastocytosis. These results bolster Cogent’s position in the biotech industry and pave the way for a new drug application to the FDA, with potential implications for patients and stakeholders.

The most recent analyst rating on (COGT) stock is a Buy with a $40.00 price target. To see the full list of analyst forecasts on Cogent Biosciences stock, see the COGT Stock Forecast page.

Cogent Biosciences Completes $230M Convertible Notes Offering

On November 18, 2025, Cogent Biosciences completed a public offering of $230 million in Convertible Senior Notes due 2031. This financial move is designed to strengthen the company’s capital structure and potentially enhance its market position by providing flexibility for future growth and operations. The Notes, which are unsecured and senior obligations, offer conversion options under specific conditions and are subject to redemption and repurchase terms. The offering could impact stakeholders by influencing the company’s financial strategies and market dynamics.

The most recent analyst rating on (COGT) stock is a Buy with a $53.00 price target. To see the full list of analyst forecasts on Cogent Biosciences stock, see the COGT Stock Forecast page.

Cogent Biosciences Announces Pricing of Public Offerings

On November 11, 2025, Cogent Biosciences announced the pricing of its public offerings, which include 9,677,420 shares of common stock at $31.00 per share and $200 million in 1.625% convertible senior notes due 2031. The equity offering was upsized from the initially planned $200 million, and the net proceeds from both offerings are expected to be approximately $475.3 million. These funds will be used to repay existing loans and support the development and commercialization of bezuclastinib and other product candidates. The equity offering is set to close on November 13, 2025, and the convertible notes offering on November 18, 2025, with no dependency on each other’s closing.

The most recent analyst rating on (COGT) stock is a Hold with a $34.00 price target. To see the full list of analyst forecasts on Cogent Biosciences stock, see the COGT Stock Forecast page.

Cogent Biosciences Announces Positive Phase 3 Trial Results

On November 10, 2025, Cogent Biosciences announced positive results from its bezuclastinib PEAK Phase 3 Trial in patients with imatinib-resistant or intolerant GIST. The trial demonstrated that the combination of bezuclastinib with sunitinib significantly improved progression-free survival and objective response rates compared to sunitinib alone. The results suggest a potential new standard of care for second-line GIST treatment, with a projected global market opportunity exceeding $4 billion. The company plans to present detailed results at a major medical conference in 2026, indicating a significant impact on its market positioning and potential commercial success.

The most recent analyst rating on (COGT) stock is a Buy with a $21.00 price target. To see the full list of analyst forecasts on Cogent Biosciences stock, see the COGT Stock Forecast page.