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

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

Wall Street Analyst Weigh In

COGT has been the subject of a number of recent analyst reports. Scotiabank began coverage on Cogent Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target for the company. Wedbush reissued a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Robert W. Baird reduced their price objective on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. HC Wainwright cut their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, Needham & Company LLC reiterated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Stock Up 3.3 %

The stock has a market capitalization of $538.51 million, a PE ratio of -1.91 and a beta of 1.67. The firm has a 50 day moving average price of $6.81 and a 200 day moving average price of $8.56.

Institutional Trading of Cogent Biosciences

Several institutional investors have recently made changes to their positions in the company. FMR LLC increased its stake in Cogent Biosciences by 99.2% in the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock valued at $129,240,000 after buying an additional 8,249,845 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Cogent Biosciences by 7.3% during the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock worth $47,840,000 after acquiring an additional 418,975 shares during the period. Paradigm Biocapital Advisors LP boosted its position in Cogent Biosciences by 6.7% in the fourth quarter. Paradigm Biocapital Advisors LP now owns 4,917,412 shares of the technology company’s stock worth $38,356,000 after purchasing an additional 307,650 shares during the last quarter. Adage Capital Partners GP L.L.C. grew its stake in Cogent Biosciences by 5.8% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock valued at $33,540,000 after purchasing an additional 233,966 shares during the period. Finally, Octagon Capital Advisors LP raised its stake in shares of Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock worth $21,551,000 after purchasing an additional 1,458,000 shares during the period.

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.