Cogent Biosciences (NASDAQ:COGT) Trading Up 8.8% – Should You Buy?

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

Wall Street Analyst Weigh In

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

Cogent Biosciences Stock Performance

The firm has a market capitalization of $895.85 million, a P/E ratio of -3.27 and a beta of 1.76. The stock has a 50 day moving average of $9.02 and a 200-day moving average of $9.70.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results 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 quarter in the prior year, the firm posted ($0.64) EPS. As a group, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp raised its position in shares of Cogent Biosciences by 16.3% in the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock worth $2,753,000 after buying an additional 45,770 shares in the last quarter. Rhumbline Advisers increased its stake in Cogent Biosciences by 9.6% in the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock worth $1,100,000 after acquiring an additional 11,383 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Cogent Biosciences during the 2nd quarter valued at about $89,000. Sofinnova Investments Inc. boosted its position in shares of Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after acquiring an additional 372,515 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its position in shares of Cogent Biosciences by 34.7% in the second quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock worth $1,135,000 after purchasing an additional 34,655 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.