Cogent Biosciences (NASDAQ:COGT) Shares Gap Up on Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s share price gapped up before the market opened on Monday after JPMorgan Chase & Co. raised their price target on the stock from $25.00 to $29.00. The stock had previously closed at $7.58, but opened at $8.97. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cogent Biosciences shares last traded at $10.03, with a volume of 9,842,846 shares.

A number of other analysts also recently commented on COGT. Guggenheim reissued a "buy" rating and set a $17.00 price objective on shares of Cogent Biosciences in a report on Tuesday. Robert W. Baird upped their price target on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Wedbush reaffirmed a "neutral" rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Monday, June 30th. Finally, Jefferies Financial Group upped their price target on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a report on Monday. Three investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $18.00.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position in Cogent Biosciences by 14.3% during the first quarter. Goldman Sachs Group Inc. now owns 988,962 shares of the technology company's stock worth $5,924,000 after purchasing an additional 124,069 shares during the last quarter. Rhumbline Advisers increased its position in shares of Cogent Biosciences by 3.9% in the first quarter. Rhumbline Advisers now owns 130,458 shares of the technology company's stock worth $781,000 after acquiring an additional 4,877 shares in the last quarter. Strs Ohio acquired a new stake in shares of Cogent Biosciences in the first quarter worth $36,000. Jane Street Group LLC increased its position in shares of Cogent Biosciences by 66.2% in the first quarter. Jane Street Group LLC now owns 123,822 shares of the technology company's stock worth $742,000 after acquiring an additional 49,338 shares in the last quarter. Finally, Woodline Partners LP increased its position in shares of Cogent Biosciences by 175.2% in the first quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock worth $10,108,000 after acquiring an additional 1,074,375 shares in the last quarter.

Cogent Biosciences Price Performance

The firm's 50-day moving average price is $6.33 and its 200-day moving average price is $6.79. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -5.90 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) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. On average, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share 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.