Short Interest in Cogent Biosciences, Inc. (NASDAQ:COGT) Rises By 9.3%

Cogent Biosciences, Inc. (NASDAQ:COGT) saw a significant growth in short interest in January. As of January 15th, there was short interest totalling 7,980,000 shares, a growth of 9.3% from the December 31st total of 7,300,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is currently 5.6 days.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors have recently made changes to their positions in the stock. The Manufacturers Life Insurance Company raised its stake in shares of Cogent Biosciences by 14.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock valued at $301,000 after purchasing an additional 4,528 shares during the period. SG Americas Securities LLC purchased a new position in Cogent Biosciences during the 3rd quarter valued at about $351,000. Creative Planning increased its position in shares of Cogent Biosciences by 29.6% during the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after buying an additional 3,272 shares during the period. nVerses Capital LLC purchased a new stake in shares of Cogent Biosciences in the third quarter worth about $76,000. Finally, Hennion & Walsh Asset Management Inc. boosted its position in shares of Cogent Biosciences by 34.7% in the third quarter. Hennion & Walsh Asset Management Inc. now owns 171,999 shares of the technology company’s stock valued at $1,858,000 after acquiring an additional 44,287 shares during the period.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Needham & Company LLC lowered shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Wedbush restated a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Monday, January 13th. Finally, HC Wainwright lowered their target price 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 four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Down 3.4 %

COGT traded down $0.32 during trading hours on Monday, hitting $8.99. The stock had a trading volume of 1,077,216 shares, compared to its average volume of 1,592,187. Cogent Biosciences has a 1 year low of $4.62 and a 1 year high of $12.61. The company’s fifty day simple moving average is $8.46 and its 200 day simple moving average is $9.67. The stock has a market cap of $993.04 million, a PE ratio of -3.62 and a beta of 1.77.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly 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 quarter in the prior year, the company earned ($0.64) EPS. As a group, equities analysts expect that Cogent Biosciences will post -2.42 EPS for the current year.

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.