Cogent Biosciences (NASDAQ:COGT) Shares Up 4.6% – Here’s What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price was up 4.6% during mid-day trading on Thursday . The company traded as high as $11.31 and last traded at $11.30. Approximately 153,884 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 1,446,531 shares. The stock had previously closed at $10.80.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on COGT. Citigroup upped their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright cut their target price on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research note on Tuesday, September 3rd. JPMorgan Chase & Co. cut their target price on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research note on Wednesday, August 7th. Robert W. Baird boosted their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Cogent Biosciences Trading Up 1.4 %

The firm’s fifty day moving average price is $10.30 and its 200-day moving average price is $8.75. The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -4.54 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter last year, the business posted ($0.59) EPS. On average, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

A number of large investors have recently bought and sold shares of COGT. Russell Investments Group Ltd. boosted its stake in Cogent Biosciences by 234.5% during the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after purchasing an additional 7,020 shares during the period. Quest Partners LLC acquired a new stake in Cogent Biosciences during the 2nd quarter worth $89,000. 49 Wealth Management LLC boosted its stake in Cogent Biosciences by 20.5% during the 1st quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock worth $91,000 after purchasing an additional 2,236 shares during the period. SkyView Investment Advisors LLC boosted its stake in Cogent Biosciences by 25.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,500 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Cogent Biosciences by 100.3% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 19,950 shares of the technology company’s stock worth $134,000 after purchasing an additional 9,989 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.