Cogent Biosciences (NASDAQ:COGT) Shares Gap Up - Still a Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) gapped up before the market opened on Monday . The stock had previously closed at $7.58, but opened at $8.97. Cogent Biosciences shares last traded at $10.03, with a volume of 9,842,846 shares changing hands.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COGT. Wedbush reissued a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. Leerink Partners raised their target price on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a report on Monday. JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Finally, HC Wainwright lowered their target price on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a report on Tuesday, May 20th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Cogent Biosciences currently has a consensus rating of "Moderate Buy" and an average target price of $16.33.

Cogent Biosciences Stock Performance

The stock has a 50-day simple moving average of $6.04 and a 200 day simple moving average of $6.74. The company has a market cap of $1.06 billion, a P/E ratio of -5.08 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its 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. Sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Balyasny Asset Management L.P. lifted its position in shares of Cogent Biosciences by 8.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after buying an additional 1,687 shares during the period. Teacher Retirement System of Texas increased its holdings in Cogent Biosciences by 15.4% during the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock valued at $140,000 after purchasing an additional 2,396 shares in the last quarter. Arizona State Retirement System increased its holdings in Cogent Biosciences by 18.0% during the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after purchasing an additional 3,142 shares in the last quarter. MetLife Investment Management LLC increased its holdings in Cogent Biosciences by 6.3% during the 4th quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock valued at $443,000 after purchasing an additional 3,382 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Cogent Biosciences by 6.3% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock valued at $377,000 after purchasing an additional 3,693 shares in the last quarter.

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.