Cogent Biosciences (NASDAQ:COGT) Shares Up 11.5%

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) rose 11.5% during trading on Monday . The company traded as high as $6.76 and last traded at $6.71. Approximately 479,981 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 1,990,698 shares. The stock had previously closed at $6.02.

Analyst Upgrades and Downgrades

COGT has been the subject of a number of recent analyst reports. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 target price on shares of Cogent Biosciences in a research note on Monday, February 26th. Citigroup lifted their target price on shares of Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Wedbush lifted their target price on shares of Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a research note on Tuesday, February 27th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $13.67.

Cogent Biosciences Price Performance

The stock’s fifty day moving average is $6.88 and its 200-day moving average is $6.71. The stock has a market capitalization of $623.40 million, a PE ratio of -2.72 and a beta of 1.50.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Monday, February 26th. The technology company reported ($0.63) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.08). On average, analysts forecast that Cogent Biosciences, Inc. will post -1.89 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the business. FMR LLC boosted its stake in Cogent Biosciences by 1,322.5% during the third quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after buying an additional 4,248,521 shares during the period. SG Americas Securities LLC boosted its stake in Cogent Biosciences by 203.1% during the fourth quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock worth $1,866,000 after buying an additional 212,687 shares during the period. Trexquant Investment LP purchased a new position in Cogent Biosciences during the third quarter worth about $401,000. Charles Schwab Investment Management Inc. boosted its stake in Cogent Biosciences by 204.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 592,492 shares of the technology company’s stock worth $5,777,000 after buying an additional 397,765 shares during the period. Finally, Citigroup Inc. boosted its stake in Cogent Biosciences by 3.2% during the third quarter. Citigroup Inc. now owns 82,241 shares of the technology company’s stock worth $802,000 after buying an additional 2,522 shares during the period.

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.