Cogent Biosciences (NASDAQ:COGT) Shares Gap Up - Here's Why

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares gapped up before the market opened on Monday . The stock had previously closed at $5.44, but opened at $5.77. Cogent Biosciences shares last traded at $5.32, with a volume of 375,805 shares.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of Cogent Biosciences from $21.00 to $25.00 and gave the stock an "overweight" rating in a research note on Thursday, May 29th. Wedbush reissued a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Scotiabank began coverage on Cogent Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 price objective for the company. Finally, HC Wainwright cut their target price on shares of Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Cogent Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $14.57.

Cogent Biosciences Stock Performance

The firm has a market capitalization of $682.00 million, a PE ratio of -2.42 and a beta of 1.91. The company's 50-day moving average price is $4.92 and its 200-day moving average price is $7.04.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. 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 lifted its stake in shares of Cogent Biosciences by 82.3% during the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after buying an additional 4,046,243 shares during the period. Vestal Point Capital LP acquired a new stake in Cogent Biosciences during the first quarter worth approximately $17,970,000. Octagon Capital Advisors LP grew its stake 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 acquiring an additional 1,458,000 shares during the period. Finally, Woodline Partners LP raised 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 valued at $10,108,000 after acquiring an additional 1,074,375 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.