Cogent Biosciences (NASDAQ:COGT) Sees Large Volume Increase – Should You Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) saw unusually-strong trading volume on Thursday . Approximately 2,924,988 shares traded hands during mid-day trading, an increase of 84% from the previous session’s volume of 1,593,142 shares.The stock last traded at $9.33 and had previously closed at $9.66.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Finally, HC Wainwright decreased their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Down 5.7 %

The company has a market capitalization of $1.01 billion, a PE ratio of -3.68 and a beta of 1.77. The company’s 50 day moving average is $8.45 and its two-hundred day moving average is $9.67.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the prior year, the firm posted ($0.64) earnings per share. Analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of COGT. Barclays PLC raised its stake in shares of Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after purchasing an additional 139,096 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of Cogent Biosciences by 14.5% during the second quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock valued at $301,000 after buying an additional 4,528 shares during the period. Geode Capital Management LLC grew its stake in shares of Cogent Biosciences by 15.1% during the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after buying an additional 300,062 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Cogent Biosciences by 34.7% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 171,999 shares of the technology company’s stock valued at $1,858,000 after acquiring an additional 44,287 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.