Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Growth in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a large growth in short interest in 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 short-interest ratio is currently 5.6 days.

Institutional Trading of Cogent Biosciences

A number of institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. raised its position in Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after purchasing an additional 8,310,150 shares during the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in Cogent Biosciences by 144.0% in 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 buying an additional 2,209,918 shares during the period. SG Americas Securities LLC raised its position in shares of Cogent Biosciences by 2,865.3% in the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock worth $7,525,000 after acquiring an additional 932,179 shares in the last quarter. FMR LLC lifted its stake in shares of Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after purchasing an additional 625,743 shares during the period. Finally, Walleye Capital LLC bought a new stake in shares of Cogent Biosciences during the third quarter valued at approximately $6,019,000.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. HC Wainwright decreased their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Wedbush reiterated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Monday, January 13th. JPMorgan Chase & Co. upped 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. Finally, Citigroup increased their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus target price of $14.33.

Cogent Biosciences Stock Down 1.2 %

Shares of NASDAQ COGT traded down $0.10 during midday trading on Monday, reaching $8.03. The company had a trading volume of 1,160,414 shares, compared to its average volume of 1,050,552. The stock has a market cap of $886.99 million, a PE ratio of -3.24 and a beta of 1.76. Cogent Biosciences has a one year low of $4.28 and a one year high of $12.61. The firm’s fifty day moving average price is $8.61 and its 200-day moving average price is $9.68.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the previous year, the company posted ($0.64) earnings per share. As a group, equities research 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.