Cogent Biosciences (NASDAQ:COGT) Trading Up 11.6% on Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price traded up 11.6% during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $25.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cogent Biosciences traded as high as $5.28 and last traded at $5.44. 259,014 shares were traded during trading, a decline of 79% from the average session volume of 1,261,288 shares. The stock had previously closed at $4.88.

A number of other research firms also recently issued reports on COGT. Robert W. Baird lowered their target price on Cogent Biosciences from $8.00 to $7.00 and set a “neutral” rating on the stock in a research report on Wednesday, May 7th. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Scotiabank started coverage on Cogent Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price objective on the stock. Finally, HC Wainwright decreased their target price on shares of Cogent Biosciences from $14.00 to $12.00 and set a “buy” rating for the company in a research note on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its position in shares of Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after buying an additional 97,541 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Cogent Biosciences by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after acquiring an additional 2,371 shares during the period. New York State Common Retirement Fund lifted its holdings in Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after purchasing an additional 2,200 shares during the last quarter. Y Intercept Hong Kong Ltd boosted its position in Cogent Biosciences by 137.7% during the fourth quarter. Y Intercept Hong Kong Ltd now owns 75,037 shares of the technology company’s stock worth $585,000 after purchasing an additional 43,472 shares during the period. Finally, Proficio Capital Partners LLC bought a new position in Cogent Biosciences during the fourth quarter worth $93,000.

Cogent Biosciences Stock Down 2.4%

The stock has a market capitalization of $612.55 million, a price-to-earnings ratio of -2.17 and a beta of 1.91. The company’s fifty day simple moving average is $4.97 and its 200 day simple moving average is $7.12.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.04. As a group, analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current 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.