Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Update

Cogent Biosciences, Inc. (NASDAQ:COGT) saw a significant growth in short interest in the month of November. As of November 30th, there was short interest totalling 8,420,000 shares, a growth of 9.1% from the November 15th total of 7,720,000 shares. Based on an average daily volume of 1,250,000 shares, the days-to-cover ratio is currently 6.7 days.

Wall Street Analyst Weigh In

COGT has been the topic of a number of recent research reports. Citigroup raised their price objective on 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 reaffirmed a “buy” rating on shares of Cogent Biosciences in a research note on Wednesday, December 11th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. raised their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, November 12th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Values First Advisors Inc. bought a new stake in shares of Cogent Biosciences in the third quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after buying an additional 1,104 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Cogent Biosciences in the third quarter valued at about $76,000. Quest Partners LLC bought a new position in shares of Cogent Biosciences during the second quarter worth about $89,000. Finally, SkyView Investment Advisors LLC lifted its stake in shares of Cogent Biosciences by 25.0% in the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,500 shares during the period.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock traded up $0.11 during midday trading on Monday, hitting $8.26. 1,789,892 shares of the company traded hands, compared to its average volume of 1,461,907. The firm’s fifty day moving average price is $10.36 and its 200-day moving average price is $9.79. The stock has a market cap of $912.40 million, a price-to-earnings ratio of -3.29 and a beta of 1.70. Cogent Biosciences has a 12 month low of $4.28 and a 12 month high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results 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 period in the prior year, the company posted ($0.64) earnings per share. Equities research analysts forecast that Cogent Biosciences will post -2.42 earnings per share 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.