Cogent Biosciences (NASDAQ:COGT) Trading Up 7.3% – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT) traded up 7.3% during trading on Thursday . The company traded as high as $8.65 and last traded at $8.80. 1,397,429 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 1,537,375 shares. The stock had previously closed at $8.20.

Analysts Set New Price Targets

COGT has been the subject of a number of research analyst reports. Needham & Company LLC lowered shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Wedbush reiterated a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a report on Monday, January 13th. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Finally, HC Wainwright lowered their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.33.

Cogent Biosciences Stock Down 6.1 %

The company has a market cap of $922.34 million, a P/E ratio of -3.37 and a beta of 1.76. The business’s 50 day moving average is $8.45 and its 200 day moving average is $9.66.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the company earned ($0.64) earnings per share. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 56.8% in the second quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock valued at $88,265,000 after acquiring an additional 3,794,150 shares in the last quarter. FMR LLC boosted its position in shares of Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after purchasing an additional 625,743 shares in the last quarter. Geode Capital Management LLC grew its stake in Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after buying an additional 300,062 shares during the last quarter. SG Americas Securities LLC increased its position in Cogent Biosciences by 2,865.3% during the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock valued at $7,525,000 after buying an additional 932,179 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after buying an additional 139,096 shares during 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.