Cogent Biosciences (NASDAQ:COGT) Sees Strong Trading Volume – Here’s What Happened

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) saw an uptick in trading volume on Thursday . 2,924,988 shares traded hands during trading, an increase of 84% from the previous session’s volume of 1,593,142 shares.The stock last traded at $9.33 and had previously closed at $9.66.

Wall Street Analyst Weigh In

COGT has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their price objective 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. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Monday, January 13th. HC Wainwright cut their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Needham & Company LLC lowered shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Down 5.7 %

The stock has a 50-day moving average of $8.45 and a 200-day moving average of $9.67. The company has a market cap of $1.01 billion, a PE ratio of -3.68 and a beta of 1.77.

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 analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter in the prior year, the firm earned ($0.64) earnings per share. Research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Values First Advisors Inc. bought a new position in shares of Cogent Biosciences in the third quarter worth approximately $32,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 worth $43,000 after acquiring an additional 1,104 shares during the last quarter. nVerses Capital LLC purchased a new position in shares of Cogent Biosciences in the third quarter valued at about $76,000. Victory Capital Management Inc. bought a new position in shares of Cogent Biosciences during the third quarter valued at about $113,000. Finally, Proficio Capital Partners LLC purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth about $93,000.

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.