Cogent Biosciences (NASDAQ:COGT) Shares Gap Up – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares gapped up before the market opened on Wednesday . The stock had previously closed at $7.37, but opened at $8.00. Cogent Biosciences shares last traded at $8.31, with a volume of 672,938 shares trading hands.

Analyst Ratings Changes

Several brokerages have commented on COGT. Wedbush reiterated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Monday. Citigroup raised their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright lowered their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday. JPMorgan Chase & Co. raised their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC downgraded shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $14.33.

Cogent Biosciences Stock Performance

The company has a market capitalization of $898.04 million, a price-to-earnings ratio of -3.28 and a beta of 1.76. The company has a 50-day moving average price of $8.65 and a 200-day moving average price of $9.67.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter last year, the business posted ($0.64) earnings per share. As a group, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of COGT. Point72 Asset Management L.P. lifted its stake in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after acquiring an additional 8,310,150 shares in the last quarter. Barclays PLC lifted its stake in Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Cogent Biosciences by 20.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after acquiring an additional 139,096 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its stake in Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after acquiring an additional 2,209,918 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in Cogent Biosciences by 14.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock valued at $301,000 after acquiring an additional 4,528 shares in the last quarter.

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.