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

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares saw unusually-strong trading volume on Tuesday after JPMorgan Chase & Co. raised their price target on the stock from $25.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Approximately 4,989,146 shares changed hands during mid-day 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.

A number of other research firms also recently commented on COGT. Guggenheim restated a "buy" rating and set a $17.00 price objective on shares of Cogent Biosciences in a report on Tuesday. HC Wainwright boosted their price target on Cogent Biosciences from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Jefferies Financial Group lifted their price objective on Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday. Finally, Leerink Partners boosted their target price on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $18.00.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the stock. FMR LLC grew its position in Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock valued at $129,240,000 after acquiring an additional 8,249,845 shares in the last quarter. Paradigm Biocapital Advisors LP grew its holdings in 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 purchasing an additional 4,046,243 shares in the last quarter. Vestal Point Capital LP purchased a new stake in Cogent Biosciences during the 1st quarter worth $17,970,000. Octagon Capital Advisors LP lifted its holdings in Cogent Biosciences by 111.7% in the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock worth $21,551,000 after buying an additional 1,458,000 shares in the last quarter. Finally, Woodline Partners LP lifted its holdings in Cogent Biosciences by 175.2% in the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock worth $10,108,000 after buying an additional 1,074,375 shares in the last quarter.

Cogent Biosciences Trading Up 0.9%

The business's 50-day simple moving average is $6.44 and its two-hundred day simple moving average is $6.81. The company has a market capitalization of $1.25 billion, a PE ratio of -5.95 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.04. On average, analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

About Cogent Biosciences

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.