Cogent Biosciences (NASDAQ:COGT) Stock Price Up 4%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price rose 4% during mid-day trading on Monday . The stock traded as high as $7.04 and last traded at $6.98. Approximately 288,808 shares were traded during trading, a decline of 86% from the average daily volume of 2,040,165 shares. The stock had previously closed at $6.71.

Analyst Ratings Changes

COGT has been the topic of several recent analyst reports. Leerink Partnrs reissued an “outperform” rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research note on Monday, February 26th. Wedbush boosted their target price on shares of Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Citigroup upped their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Finally, Robert W. Baird reaffirmed a “neutral” rating and issued a $8.00 price target (down from $14.00) on shares of Cogent Biosciences in a research note on Monday, February 26th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and an average price target of $13.67.

Cogent Biosciences Price Performance

The company’s 50 day moving average is $7.04 and its two-hundred day moving average is $6.79.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Monday, February 26th. The technology company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.08). On average, research analysts forecast that Cogent Biosciences, Inc. will post -1.89 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently added to or reduced their stakes in the stock. Kynam Capital Management LP raised its stake in shares of Cogent Biosciences by 164.9% in the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after acquiring an additional 3,644,641 shares during the last quarter. FMR LLC raised its stake in shares of Cogent Biosciences by 1,322.5% in the third quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock valued at $44,555,000 after acquiring an additional 4,248,521 shares during the last quarter. Eventide Asset Management LLC raised its stake in shares of Cogent Biosciences by 3.9% in the fourth quarter. Eventide Asset Management LLC now owns 2,232,968 shares of the technology company’s stock valued at $13,130,000 after acquiring an additional 82,968 shares during the last quarter. Frazier Life Sciences Management L.P. raised its stake in shares of Cogent Biosciences by 32.9% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after acquiring an additional 493,884 shares during the last quarter. Finally, Silverarc Capital Management LLC raised its stake in shares of Cogent Biosciences by 5.1% in the third quarter. Silverarc Capital Management LLC now owns 651,372 shares of the technology company’s stock valued at $6,351,000 after acquiring an additional 31,372 shares during the last quarter.

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.