Cogent Biosciences (NASDAQ:COGT) Sees Large Volume Increase Following Analyst Upgrade

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) saw strong trading volume on Wednesday after Robert W. Baird raised their price target on the stock from $14.00 to $34.00. Robert W. Baird currently has a neutral rating on the stock. 3,171,732 shares traded hands during mid-day trading, an increase of 48% from the previous session’s volume of 2,141,081 shares.The stock last traded at $33.06 and had previously closed at $33.42.

COGT has been the subject of several other research reports. JPMorgan Chase & Co. raised their target price on shares of Cogent Biosciences from $30.00 to $44.00 and gave the stock an “overweight” rating in a report on Tuesday, October 21st. Citigroup boosted their price target on Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a report on Friday, July 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Cogent Biosciences in a research report on Wednesday, October 8th. Guggenheim increased their price target on Cogent Biosciences from $17.00 to $20.00 and gave the stock a “buy” rating in a research report on Monday, August 25th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, November 4th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $29.92.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors have recently bought and sold shares of COGT. Xponance Inc. purchased a new position in Cogent Biosciences during the third quarter valued at approximately $146,000. China Universal Asset Management Co. Ltd. grew its stake in shares of Cogent Biosciences by 7.1% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 24,487 shares of the technology company’s stock worth $352,000 after purchasing an additional 1,619 shares during the period. Readystate Asset Management LP purchased a new position in shares of Cogent Biosciences during the 3rd quarter valued at approximately $714,000. Vanguard Group Inc. lifted its stake in shares of Cogent Biosciences by 18.9% in the 3rd quarter. Vanguard Group Inc. now owns 7,757,662 shares of the technology company’s stock valued at $111,400,000 after purchasing an additional 1,234,711 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in shares of Cogent Biosciences by 8.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 74,812 shares of the technology company’s stock valued at $1,074,000 after purchasing an additional 5,533 shares during the period.

Cogent Biosciences Price Performance

The stock has a market capitalization of $4.73 billion, a PE ratio of -20.27 and a beta of 0.41. The company has a debt-to-equity ratio of 0.23, a current ratio of 6.38 and a quick ratio of 4.19. The stock’s fifty day moving average is $15.23 and its 200-day moving average is $10.93.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Friday, November 7th. The technology company reported ($0.50) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.04. As a group, equities analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

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.