Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Down 8.4% in November

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a significant drop in short interest during the month of November. As of November 15th, there was short interest totalling 7,720,000 shares, a drop of 8.4% from the October 31st total of 8,430,000 shares. Based on an average daily trading volume, of 1,100,000 shares, the short-interest ratio is currently 7.0 days.

Cogent Biosciences Price Performance

Shares of NASDAQ:COGT traded down $0.28 during midday trading on Tuesday, hitting $9.19. 2,266,043 shares of the company’s stock were exchanged, compared to its average volume of 1,426,349. Cogent Biosciences has a 12 month low of $3.67 and a 12 month high of $12.61. The company has a market cap of $1.02 billion, a PE ratio of -3.71 and a beta of 1.70. The stock has a 50 day moving average price of $10.68 and a 200-day moving average price of $9.72.

Cogent Biosciences (NASDAQ:COGT) last posted its 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 quarter in the prior year, the company posted ($0.64) earnings per share. On average, analysts anticipate that Cogent Biosciences will post -2.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on COGT shares. Needham & Company LLC cut their price target on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a research report on Monday, November 4th. Robert W. Baird lifted their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Wedbush restated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, November 12th. Finally, Citigroup lifted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Two equities research 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 $14.83.

Institutional Trading of Cogent Biosciences

A number of institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 124.5% during the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after buying an additional 8,310,150 shares during the period. Deerfield Management Company L.P. Series C boosted its position in shares of Cogent Biosciences by 144.0% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after acquiring an additional 2,209,918 shares during the last quarter. Vanguard Group Inc. increased its position in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after purchasing an additional 1,231,050 shares during the last quarter. FMR LLC increased its position in shares of Cogent Biosciences by 8.1% in the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after purchasing an additional 625,743 shares during the last quarter. Finally, Walleye Capital LLC bought a new stake in Cogent Biosciences during the third quarter valued at approximately $6,019,000.

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.