Cogent Biosciences (NASDAQ:COGT) Trading 8.8% Higher – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT) was up 8.8% on Monday . The company traded as high as $8.57 and last traded at $8.57. Approximately 477,301 shares changed hands during trading, a decline of 51% from the average daily volume of 964,471 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on COGT. JPMorgan Chase & Co. increased their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Citigroup increased their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. HC Wainwright restated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Wedbush reissued a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Stock Performance

The stock has a fifty day simple moving average of $9.02 and a two-hundred day simple moving average of $9.70. The stock has a market capitalization of $895.85 million, a price-to-earnings ratio of -3.27 and a beta of 1.76.

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 analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the previous year, the company posted ($0.64) earnings per share. Research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its position 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 buying an additional 1,104 shares during the last quarter. Verition Fund Management LLC boosted its holdings in Cogent Biosciences by 7.5% during the 3rd 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 during the last quarter. SkyView Investment Advisors LLC grew its stake in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,500 shares in the last quarter. Values First Advisors Inc. purchased a new stake in shares of Cogent Biosciences in the third quarter valued at about $32,000. Finally, Creative Planning lifted 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 purchasing an additional 3,272 shares in 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.