Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Significant Increase in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 8,420,000 shares, an increase of 9.1% from the November 15th total of 7,720,000 shares. Based on an average daily volume of 1,250,000 shares, the days-to-cover ratio is presently 6.7 days.

Analysts Set New Price Targets

Several research analysts have issued reports on the company. Robert W. Baird upped their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Citigroup lifted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Trading Down 1.0 %

Cogent Biosciences stock traded down $0.08 during trading hours on Tuesday, reaching $8.18. 41,286 shares of the stock were exchanged, compared to its average volume of 1,456,011. Cogent Biosciences has a twelve month low of $4.28 and a twelve month high of $12.61. The company has a market cap of $903.58 million, a P/E ratio of -3.33 and a beta of 1.70. The stock has a 50 day moving average of $10.31 and a two-hundred day moving average of $9.80.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter last year, the company earned ($0.64) EPS. On average, analysts expect that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in COGT. Price T Rowe Associates Inc. MD increased its stake in Cogent Biosciences by 12.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 35,211 shares of the technology company’s stock valued at $237,000 after buying an additional 4,030 shares during the last quarter. California State Teachers Retirement System raised its holdings in shares of Cogent Biosciences by 15.8% in the 1st quarter. California State Teachers Retirement System now owns 64,351 shares of the technology company’s stock worth $432,000 after purchasing an additional 8,804 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new position in Cogent Biosciences in the second quarter valued at approximately $1,077,000. Bank of New York Mellon Corp increased its position in Cogent Biosciences by 16.3% in the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock worth $2,753,000 after buying an additional 45,770 shares during the last quarter. Finally, Rhumbline Advisers raised its stake in shares of Cogent Biosciences by 9.6% in the second quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock valued at $1,100,000 after buying an additional 11,383 shares during the period.

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.