Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 7.3% in July

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 10,390,000 shares, an increase of 7.3% from the June 30th total of 9,680,000 shares. Based on an average trading volume of 1,220,000 shares, the days-to-cover ratio is presently 8.5 days.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently modified their holdings of COGT. AJOVista LLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter worth $45,000. China Universal Asset Management Co. Ltd. boosted its position in shares of Cogent Biosciences by 355.0% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock worth $59,000 after buying an additional 7,772 shares during the period. Russell Investments Group Ltd. boosted its position in shares of Cogent Biosciences by 234.5% in the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after buying an additional 7,020 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Cogent Biosciences in the fourth quarter worth $70,000. Finally, NEOS Investment Management LLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter worth $76,000.

Cogent Biosciences Price Performance

Shares of COGT traded down $0.04 during trading hours on Thursday, hitting $9.39. 88,412 shares of the company were exchanged, compared to its average volume of 1,624,080. The company has a market capitalization of $897.78 million, a PE ratio of -3.80 and a beta of 1.71. The firm has a fifty day simple moving average of $8.67 and a 200-day simple moving average of $7.34. Cogent Biosciences has a one year low of $3.67 and a one year high of $13.34.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, May 7th. The technology company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.51) by ($0.11). Sell-side analysts expect that Cogent Biosciences will post -2.19 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $19.00 price target on shares of Cogent Biosciences in a research note on Monday, June 17th. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a research note on Thursday, June 27th. Finally, Wedbush reaffirmed a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a research note on Friday, May 24th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.67.

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.