Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 9.3% in December

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a large increase in short interest during the month of December. As of December 31st, there was short interest totalling 7,980,000 shares, an increase 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 days-to-cover ratio is presently 5.6 days.

Analyst Ratings Changes

A number of brokerages have recently commented on COGT. HC Wainwright lowered their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Monday, January 13th. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.33.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after acquiring an additional 1,104 shares during the last quarter. Verition Fund Management LLC raised its holdings in shares of Cogent Biosciences by 7.5% during the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after acquiring an additional 2,176 shares during the last quarter. SkyView Investment Advisors LLC raised its holdings in shares of Cogent Biosciences by 25.0% during the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after acquiring an additional 2,500 shares during the last quarter. Values First Advisors Inc. acquired a new position in shares of Cogent Biosciences during the third quarter valued at approximately $32,000. Finally, Creative Planning raised its holdings in shares of Cogent Biosciences by 29.6% during the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after acquiring an additional 3,272 shares during the last quarter.

Cogent Biosciences Stock Performance

NASDAQ COGT traded down $0.10 during trading hours on Friday, reaching $8.03. The company’s stock had a trading volume of 1,160,414 shares, compared to its average volume of 1,050,552. Cogent Biosciences has a 1-year low of $4.28 and a 1-year high of $12.61. The company’s 50-day moving average is $8.61 and its two-hundred day moving average is $9.67.

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 analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the business earned ($0.64) earnings per share. Sell-side analysts anticipate that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

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.