Cogent Biosciences (NASDAQ:COGT) Shares Up 8.8% – Still a Buy?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) were up 8.8% during mid-day trading on Monday . The company traded as high as $8.57 and last traded at $8.57. Approximately 477,301 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 964,471 shares. The stock had previously closed at $7.88.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, November 12th. HC Wainwright restated a “buy” rating on shares of Cogent Biosciences in a research note on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, Citigroup raised their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Stock Up 2.3 %

The firm has a market cap of $890.32 million, a P/E ratio of -3.25 and a beta of 1.76. The firm’s 50-day moving average price is $9.25 and its 200 day moving average price is $9.72.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the company earned ($0.64) earnings per share. On average, equities analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of COGT. Point72 Asset Management L.P. raised its position in shares of Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its position in Cogent Biosciences by 144.0% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after purchasing an additional 2,209,918 shares during the period. FMR LLC boosted its stake in Cogent Biosciences by 8.1% during the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after purchasing an additional 625,743 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of Cogent Biosciences during the 3rd quarter valued at $6,019,000. Finally, Sofinnova Investments Inc. raised its stake in shares of Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares in the last quarter.

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.