Cogent Biosciences (NASDAQ:COGT) Trading Up 6.5%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price shot up 6.5% on Friday . The company traded as high as $8.01 and last traded at $7.98. 133,591 shares were traded during trading, a decline of 93% from the average session volume of 1,828,143 shares. The stock had previously closed at $7.49.

Analysts Set New Price Targets

COGT has been the subject of several recent analyst reports. Citigroup upped their price objective on Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Cogent Biosciences in a research report on Monday, May 13th. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a report on Thursday, February 22nd. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price objective on shares of Cogent Biosciences in a research note on Wednesday, May 8th. Finally, Wedbush reissued a “neutral” rating and issued a $10.00 price objective on shares of Cogent Biosciences in a research note on Friday. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Stock Up 8.4 %

The firm has a market cap of $776.35 million, a PE ratio of -3.25 and a beta of 1.57. The company has a 50-day simple moving average of $6.94 and a two-hundred day simple moving average of $6.57.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.11). As a group, equities analysts predict that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors have recently added to or reduced their stakes in the business. AJOVista LLC bought a new position in Cogent Biosciences during the 4th quarter valued at approximately $45,000. China Universal Asset Management Co. Ltd. raised its position in shares of Cogent Biosciences by 355.0% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock worth $59,000 after acquiring an additional 7,772 shares in the last quarter. Russell Investments Group Ltd. raised its position in shares of Cogent Biosciences by 234.5% in the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after acquiring an additional 7,020 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Cogent Biosciences in the 4th quarter worth approximately $70,000. Finally, NEOS Investment Management LLC bought a new position in shares of Cogent Biosciences in the 4th quarter worth approximately $76,000.

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.