Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 9.3% in December

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Needham & Company LLC downgraded shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price objective 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. Citigroup raised their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. HC Wainwright lowered their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.33.

Institutional Trading of Cogent Biosciences

Several institutional investors have recently made changes to their positions in COGT. Point72 Asset Management L.P. boosted its holdings in Cogent Biosciences by 124.5% during the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after purchasing an additional 8,310,150 shares during the last quarter. Barclays PLC lifted its position in shares of Cogent Biosciences by 124.8% during the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock worth $1,897,000 after buying an additional 97,541 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 valued at $8,919,000 after acquiring an additional 139,096 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after acquiring an additional 2,209,918 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in Cogent Biosciences by 14.5% in the second quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock worth $301,000 after acquiring an additional 4,528 shares during the period.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT traded down $0.10 during midday trading on Monday, hitting $8.03. 1,160,414 shares of the stock traded hands, compared to its average volume of 1,050,552. The company has a market cap of $886.99 million, a PE ratio of -3.24 and a beta of 1.76. The business has a 50 day moving average price of $8.61 and a two-hundred day moving average price of $9.68. Cogent Biosciences has a one year low of $4.28 and a one year high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the previous year, the company earned ($0.64) earnings per share. As a group, equities research analysts forecast that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

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.