Short Interest in Cogent Biosciences, Inc. (NASDAQ:COGT) Expands By 9.3%

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 7,980,000 shares, a growth of 9.3% from the December 15th total of 7,300,000 shares. Based on an average daily trading volume, of 1,430,000 shares, the short-interest ratio is presently 5.6 days.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently made changes to their positions in COGT. Values First Advisors Inc. acquired a new position in Cogent Biosciences in the third quarter worth approximately $32,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in Cogent Biosciences by 38.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after buying an additional 1,104 shares during the last quarter. nVerses Capital LLC acquired a new position in Cogent Biosciences in the third quarter worth approximately $76,000. SkyView Investment Advisors LLC increased its holdings in 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 buying an additional 2,500 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in Cogent Biosciences in the third quarter worth approximately $113,000.

Cogent Biosciences Stock Down 1.2 %

Shares of 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. The firm has a market cap of $886.99 million, a price-to-earnings ratio of -3.24 and a beta of 1.76. Cogent Biosciences has a 1-year low of $4.28 and a 1-year high of $12.61. The company has a 50 day moving average of $8.61 and a two-hundred day moving average of $9.66.

Cogent Biosciences (NASDAQ:COGT) last issued 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 business posted ($0.64) earnings per share. As a group, analysts forecast 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.