Cogent Biosciences (NASDAQ:COGT) Stock Price Up 7%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price rose 7% during mid-day trading on Tuesday . The stock traded as high as $9.34 and last traded at $9.30. Approximately 173,654 shares changed hands during trading, a decline of 90% from the average daily volume of 1,679,568 shares. The stock had previously closed at $8.69.

Analyst Upgrades and Downgrades

COGT has been the subject of several recent analyst reports. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research report on Thursday, June 27th. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price target on shares of Cogent Biosciences in a research note on Monday, June 17th. Finally, Wedbush reaffirmed a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a research note on Friday, May 24th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Stock Up 0.5 %

The company’s 50 day moving average price is $8.54 and its two-hundred day moving average price is $7.21. The stock has a market cap of $881.52 million, a P/E ratio of -3.72 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Hedge funds have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. lifted its holdings in shares of Cogent Biosciences by 32.9% during the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after purchasing an additional 493,884 shares during the last quarter. Kynam Capital Management LP lifted its holdings in shares of Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after purchasing an additional 3,644,641 shares during the last quarter. Rafferty Asset Management LLC lifted its holdings in shares of Cogent Biosciences by 50.5% during the 4th quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after purchasing an additional 96,894 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Cogent Biosciences by 203.1% during the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after purchasing an additional 212,687 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Cogent Biosciences in the 4th quarter valued at $147,000.

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.