Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Increase in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 10,130,000 shares, an increase of 8.3% from the January 15th total of 9,350,000 shares. Based on an average daily volume of 1,590,000 shares, the short-interest ratio is presently 6.4 days.

Analyst Upgrades and Downgrades

COGT has been the subject of a number of recent analyst reports. HC Wainwright dropped their price target on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research note on Monday, January 13th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $14.33.

Cogent Biosciences Stock Performance

Cogent Biosciences stock traded up $0.17 during trading hours on Tuesday, hitting $8.20. The company had a trading volume of 118,797 shares, compared to its average volume of 1,463,957. The firm has a market cap of $905.99 million, a P/E ratio of -3.31 and a beta of 1.77. Cogent Biosciences has a 1 year low of $5.73 and a 1 year high of $12.61. The company has a 50-day moving average price of $8.31 and a two-hundred day moving average price of $9.63.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Cogent Biosciences by 15.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company’s stock valued at $1,058,000 after buying an additional 17,741 shares during the period. Woodline Partners LP raised its holdings in shares of Cogent Biosciences by 2.1% in the 4th quarter. Woodline Partners LP now owns 613,165 shares of the technology company’s stock valued at $4,783,000 after purchasing an additional 12,589 shares in the last quarter. Tema Etfs LLC bought a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $405,000. Rafferty Asset Management LLC raised its holdings in shares of Cogent Biosciences by 41.5% in the 4th quarter. Rafferty Asset Management LLC now owns 160,873 shares of the technology company’s stock valued at $1,255,000 after purchasing an additional 47,187 shares in the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Cogent Biosciences by 30.5% in the 4th quarter. ProShare Advisors LLC now owns 31,074 shares of the technology company’s stock valued at $242,000 after purchasing an additional 7,267 shares in the last quarter.

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.