Cogent Biosciences (NASDAQ:COGT) Sees Large Volume Increase After Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) saw strong trading volume on Tuesday after HC Wainwright raised their price target on the stock from $12.00 to $22.00. HC Wainwright currently has a buy rating on the stock. 4,989,146 shares traded hands during trading, an increase of 236% from the previous session's volume of 1,484,296 shares.The stock last traded at $9.85 and had previously closed at $9.35.

Several other research firms have also commented on COGT. Guggenheim reiterated a "buy" rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Jefferies Financial Group boosted their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday. Leerink Partners boosted their price objective on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday. Finally, Robert W. Baird boosted their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday. Three analysts have rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $17.60.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in COGT. FMR LLC raised its stake in Cogent Biosciences by 99.2% in the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock valued at $129,240,000 after purchasing an additional 8,249,845 shares during the last quarter. Paradigm Biocapital Advisors LP increased its stake in shares of Cogent Biosciences by 82.3% during the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after acquiring an additional 4,046,243 shares during the last quarter. Vestal Point Capital LP acquired a new position in shares of Cogent Biosciences during the 1st quarter valued at about $17,970,000. Octagon Capital Advisors LP increased its stake in shares of Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after acquiring an additional 1,458,000 shares during the last quarter. Finally, Woodline Partners LP increased its stake in shares of Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock valued at $10,108,000 after acquiring an additional 1,074,375 shares during the last quarter.

Cogent Biosciences Trading Up 4.6%

The stock's 50 day moving average price is $6.23 and its 200 day moving average price is $6.77. The company has a market cap of $1.11 billion, a price-to-earnings ratio of -5.32 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. On average, equities analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

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.