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

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

Wall Street Analysts Forecast Growth

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

Cogent Biosciences Trading Down 6.1 %

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

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results 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 period last year, the firm earned ($0.64) EPS. As a group, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently bought and sold shares of the business. Point72 Asset Management L.P. lifted its stake in shares of Cogent Biosciences by 56.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock worth $88,265,000 after purchasing an additional 3,794,150 shares during the period. FMR LLC lifted its holdings in shares of Cogent Biosciences by 8.1% in the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after buying an additional 625,743 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 valued at $24,638,000 after purchasing an additional 300,062 shares during the last quarter. SG Americas Securities LLC grew its holdings 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. increased its position 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 worth $8,919,000 after purchasing 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.