Cogent Biosciences (NASDAQ:COGT) Stock Price Up 6.1% – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price rose 6.1% on Tuesday . The company traded as high as $4.97 and last traded at $4.86. Approximately 148,609 shares traded hands during trading, a decline of 88% from the average daily volume of 1,260,346 shares. The stock had previously closed at $4.58.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Piper Sandler raised Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Scotiabank started coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target on the stock. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Finally, Robert W. Baird dropped their price target on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Trading Down 12.3 %

The firm has a market cap of $486.14 million, a PE ratio of -1.72 and a beta of 1.67. The stock has a 50 day simple moving average of $6.63 and a 200-day simple moving average of $8.51.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the stock. Schonfeld Strategic Advisors LLC bought a new stake in Cogent Biosciences during the fourth quarter worth approximately $78,000. Hsbc Holdings PLC purchased a new position in Cogent Biosciences during the 4th quarter valued at about $81,000. KLP Kapitalforvaltning AS bought a new position in Cogent Biosciences in the fourth quarter worth approximately $88,000. E Fund Management Co. Ltd. bought a new stake in Cogent Biosciences during the fourth quarter valued at about $89,000. Finally, Proficio Capital Partners LLC purchased a new position in Cogent Biosciences in the fourth quarter worth $93,000.

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.