Cogent Biosciences (NASDAQ:COGT) Trading Up 7.3% – Still a Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares were up 7.3% during mid-day trading on Thursday . The company traded as high as $8.65 and last traded at $8.80. Approximately 1,397,429 shares changed hands during trading, a decline of 9% from the average daily volume of 1,537,375 shares. The stock had previously closed at $8.20.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on COGT shares. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Monday, January 13th. Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. HC Wainwright decreased their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lifted their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.33.

Cogent Biosciences Trading Up 8.4 %

The stock has a market capitalization of $981.99 million, a P/E ratio of -3.58 and a beta of 1.76. The company has a 50-day moving average price of $8.48 and a 200 day moving average price of $9.67.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the company earned ($0.64) earnings per share. As a group, research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its stake in Cogent Biosciences by 2,865.3% during the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock worth $7,525,000 after buying an additional 932,179 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Cogent Biosciences by 60.1% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 275,292 shares of the technology company’s stock worth $2,147,000 after buying an additional 103,293 shares during the last quarter. JPMorgan Chase & Co. grew its stake in Cogent Biosciences by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock worth $700,000 after buying an additional 5,720 shares during the last quarter. Virtu Financial LLC purchased a new position in Cogent Biosciences during the 3rd quarter worth $147,000. Finally, Geode Capital Management LLC grew its stake in Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after buying an additional 300,062 shares during 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.