Cogent Biosciences Target of Unusually High Options Trading (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of some unusual options trading on Tuesday. Stock investors acquired 10,867 call options on the company. This represents an increase of approximately 653% compared to the average daily volume of 1,444 call options.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in COGT. Mirae Asset Global Investments Co. Ltd. increased its position in Cogent Biosciences by 22.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,401 shares of the technology company’s stock valued at $78,000 after acquiring an additional 1,003 shares during the period. ProShare Advisors LLC grew its stake in shares of Cogent Biosciences by 4.1% in the second quarter. ProShare Advisors LLC now owns 26,021 shares of the technology company’s stock worth $187,000 after purchasing an additional 1,020 shares in the last quarter. Corton Capital Inc. increased its holdings in shares of Cogent Biosciences by 6.4% during the second quarter. Corton Capital Inc. now owns 17,438 shares of the technology company’s stock valued at $125,000 after purchasing an additional 1,046 shares during the period. CWM LLC raised its stake in shares of Cogent Biosciences by 25.3% during the third quarter. CWM LLC now owns 5,582 shares of the technology company’s stock valued at $80,000 after purchasing an additional 1,126 shares in the last quarter. Finally, Osaic Holdings Inc. lifted its holdings in Cogent Biosciences by 41.4% in the second quarter. Osaic Holdings Inc. now owns 4,550 shares of the technology company’s stock worth $33,000 after purchasing an additional 1,333 shares during the period.

Analysts Set New Price Targets

A number of research analysts have commented on COGT shares. Stifel Nicolaus upgraded shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Monday, November 10th. HC Wainwright upped their target price on shares of Cogent Biosciences from $21.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, November 13th. Leerink Partners increased their price target on shares of Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday, November 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Monday, November 24th. Finally, Raymond James Financial began coverage on Cogent Biosciences in a report on Tuesday, September 2nd. They issued a “strong-buy” rating and a $30.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average target price of $32.33.

Cogent Biosciences Trading Up 0.5%

NASDAQ:COGT opened at $39.16 on Thursday. The firm has a market capitalization of $5.58 billion, a P/E ratio of -23.88 and a beta of 0.50. The business has a 50 day simple moving average of $23.03 and a 200 day simple moving average of $14.47. The company has a debt-to-equity ratio of 0.23, a current ratio of 6.38 and a quick ratio of 6.38. Cogent Biosciences has a 12-month low of $3.72 and a 12-month high of $41.27.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Monday, November 3rd. The technology company reported ($0.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.04. Equities research analysts predict that Cogent Biosciences will post -2.42 EPS for the current year.

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.