Cogent Biosciences (NASDAQ:COGT) Stock Price Up 7.8% – What’s Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) shot up 7.8% on Thursday . The company traded as high as $6.99 and last traded at $7.24. 94,272 shares changed hands during mid-day trading, a decline of 93% from the average session volume of 1,412,324 shares. The stock had previously closed at $6.71.

Analyst Ratings Changes

Several research analysts have commented on the company. Wedbush reissued a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday. JPMorgan Chase & Co. raised their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday. Robert W. Baird lowered their target price on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday. Finally, HC Wainwright cut their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Cogent Biosciences Trading Up 4.0 %

The company has a market capitalization of $770.91 million, a PE ratio of -2.81 and a beta of 1.77. The business’s fifty day moving average is $8.19 and its two-hundred day moving average is $9.56.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently made changes to their positions in COGT. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after acquiring an additional 1,104 shares in the last quarter. Balyasny Asset Management L.P. raised its stake in Cogent Biosciences by 8.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock valued at $162,000 after buying an additional 1,687 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after acquiring an additional 2,176 shares in the last quarter. New York State Common Retirement Fund grew its stake in shares of Cogent Biosciences by 10.5% during the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after acquiring an additional 2,200 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after acquiring an additional 2,371 shares in the last quarter.

Cogent Biosciences Company Profile

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.