Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Drop in Short Interest

Key Points

• Short interest fell sharply — down 30.9% in April to 12,038,491 shares (about 8.0% of shares sold short) with a short‑interest ratio of 4.6 days based on average daily volume.
• Analysts maintain a consensus of "Moderate Buy" with an average price target of $43.45; the breakdown: 2 Strong Buy, 9 Buy, 2 Hold and 1 Sell.
• Stock trades near $36.56 with a market cap of $6.24 billion and a one‑year range of $4.55–$43.73; the company reported a Q loss of ($0.55) EPS (missing estimates) and analysts expect roughly -2.14 EPS for the fiscal year.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) was the recipient of a large decrease in short interest in the month of April. As of April 15th, there was short interest totaling 12,038,491 shares, a decrease of 30.9% from the March 31st total of 17,425,998 shares. Based on an average daily volume of 2,630,923 shares, the short-interest ratio is currently 4.6 days. Approximately 8.0% of the shares of the company are sold short.

Analyst Ratings Changes

Several brokerages have recently weighed in on COGT. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cogent Biosciences in a research note on Friday, April 10th. UBS Group upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research note on Wednesday, January 7th. Wedbush reiterated an "outperform" rating and issued a $55.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, March 17th. Piper Sandler increased their price objective on shares of Cogent Biosciences from $39.00 to $52.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 18th. Finally, HC Wainwright increased their price objective on shares of Cogent Biosciences to $52.00 and gave the stock a "buy" rating in a research note on Tuesday, January 6th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Cogent Biosciences currently has a consensus rating of "Moderate Buy" and an average price target of $43.45.

Cogent Biosciences Stock Performance

NASDAQ COGT traded down $0.05 on Tuesday, reaching $36.56. 735,349 shares of the stock were exchanged, compared to its average volume of 2,106,746. Cogent Biosciences has a one year low of $4.55 and a one year high of $43.73. The firm has a market capitalization of $6.24 billion, a PE ratio of -16.95 and a beta of 0.47. The company's 50-day simple moving average is $36.60 and its two-hundred day simple moving average is $33.98. The company has a current ratio of 14.23, a quick ratio of 14.23 and a debt-to-equity ratio of 0.41.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its earnings results on Tuesday, February 17th. The technology company reported ($0.55) EPS for the quarter, missing analysts' consensus estimates of ($0.51) by ($0.04). Analysts expect that Cogent Biosciences will post -2.14 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Peregrine Capital Management LLC purchased a new position in shares of Cogent Biosciences in the first quarter valued at $7,773,000. Pictet Asset Management Holding SA grew its holdings in shares of Cogent Biosciences by 1,499.2% in the first quarter. Pictet Asset Management Holding SA now owns 1,798,768 shares of the technology company's stock valued at $68,826,000 after purchasing an additional 1,686,292 shares in the last quarter. Bank of Hawaii purchased a new position in shares of Cogent Biosciences in the fourth quarter valued at $929,000. Caitong International Asset Management Co. Ltd grew its holdings in shares of Cogent Biosciences by 3,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the technology company's stock valued at $62,000 after purchasing an additional 1,692 shares in the last quarter. Finally, Seven Fleet Capital Management LP purchased a new position in shares of Cogent Biosciences in the fourth quarter valued at $1,919,000.

Cogent Biosciences Company Profile

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.

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