Cogent Biosciences (NASDAQ:COGT) Stock Price Up 7.8% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT) traded up 7.8% on Thursday . The company traded as high as $6.99 and last traded at $7.24. 94,272 shares changed hands during trading, a decline of 93% from the average session volume of 1,412,324 shares. The stock had previously closed at $6.71.

Wall Street Analyst Weigh In

COGT has been the subject of a number of recent analyst reports. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. JPMorgan Chase & Co. raised 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. HC Wainwright reduced their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday. Finally, Robert W. Baird cut their target price on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Cogent Biosciences Stock Performance

The stock has a market capitalization of $857.29 million, a price-to-earnings ratio of -3.04 and a beta of 1.77. The business has a fifty day simple moving average of $8.17 and a 200 day simple moving average of $9.54.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of COGT. Mirae Asset Global Investments Co. Ltd. raised its stake in Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after purchasing an additional 1,104 shares in the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Cogent Biosciences by 8.8% during the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock worth $162,000 after purchasing an additional 1,687 shares during the period. Verition Fund Management LLC raised its position in shares of Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after buying an additional 2,176 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after buying an additional 2,200 shares during the period. Finally, China Universal Asset Management Co. Ltd. grew its position in Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after buying an additional 2,371 shares in the last quarter.

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.