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

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

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on COGT. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Citigroup increased their price objective on 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 reduced their price objective on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday. Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.33.

Institutional Investors Weigh In On Cogent Biosciences

Large investors have recently modified their holdings of the business. Values First Advisors Inc. bought a new stake in shares of Cogent Biosciences in the third quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of 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 acquiring an additional 1,104 shares in the last quarter. nVerses Capital LLC bought a new stake in shares of Cogent Biosciences in the third quarter worth about $76,000. SkyView Investment Advisors LLC increased its holdings in shares of 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 acquiring an additional 2,500 shares in the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Cogent Biosciences in the third quarter worth about $113,000.

Cogent Biosciences Stock Down 1.2 %

Shares of COGT traded down $0.10 during trading hours on Friday, reaching $8.03. The stock had a trading volume of 1,160,414 shares, compared to its average volume of 1,050,552. The firm has a 50-day moving average of $8.61 and a 200 day moving average of $9.66. The company has a market cap of $886.99 million, a P/E ratio of -3.24 and a beta of 1.76. Cogent Biosciences has a 52 week low of $4.28 and a 52 week high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the prior year, the company posted ($0.64) earnings per share. As a group, equities analysts expect that Cogent Biosciences 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.