Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Increase in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 12,470,000 shares, an increase of 15.0% from the March 31st total of 10,840,000 shares. Based on an average trading volume of 2,100,000 shares, the days-to-cover ratio is presently 5.9 days.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wedbush upped their price target on Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Citigroup increased their target price on Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research note on Monday, February 26th. Finally, JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a research note on Tuesday, February 27th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

Cogent Biosciences Stock Performance

Shares of COGT opened at $6.50 on Wednesday. The business’s fifty day moving average price is $6.80 and its 200 day moving average price is $6.67. Cogent Biosciences has a 12-month low of $3.67 and a 12-month high of $13.50.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Monday, February 26th. The technology company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.08). As a group, research analysts anticipate that Cogent Biosciences will post -1.89 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the company. Citigroup Inc. increased its position in Cogent Biosciences by 3.2% in the third quarter. Citigroup Inc. now owns 82,241 shares of the technology company’s stock worth $802,000 after buying an additional 2,522 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Cogent Biosciences by 29.4% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,328 shares of the technology company’s stock worth $110,000 after buying an additional 2,571 shares during the period. Principal Financial Group Inc. increased its position in Cogent Biosciences by 15.2% in the third quarter. Principal Financial Group Inc. now owns 21,267 shares of the technology company’s stock worth $207,000 after buying an additional 2,803 shares during the period. State Board of Administration of Florida Retirement System increased its position in Cogent Biosciences by 18.2% in the third quarter. State Board of Administration of Florida Retirement System now owns 23,142 shares of the technology company’s stock worth $226,000 after buying an additional 3,570 shares during the period. Finally, Arizona State Retirement System increased its position in Cogent Biosciences by 42.9% in the third quarter. Arizona State Retirement System now owns 15,446 shares of the technology company’s stock worth $151,000 after buying an additional 4,640 shares during the period.

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.