Cogent Biosciences (NASDAQ:COGT) Shares Up 11.1% - Here's Why

Key Points

• Cogent Biosciences shares saw an 11.1% increase, reaching a last trade price of $13.33, following a trading session with significantly lower volume compared to its average.
• Several analysts have upgraded their target prices for Cogent Biosciences, with the consensus rating being a "Moderate Buy" and an average target price of $20.00.
• The company reported quarterly earnings of ($0.53) EPS, exceeding expectations and indicating that analysts predict earnings will approach negative $2.42 for the current fiscal year.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shot up 11.1% during mid-day trading on Wednesday . The company traded as high as $12.82 and last traded at $13.33. 154,129 shares traded hands during trading, a decline of 92% from the average session volume of 1,915,538 shares. The stock had previously closed at $12.00.

Analyst Ratings Changes

Several research firms have recently weighed in on COGT. Leerink Partners lifted their target price on shares of Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Monday, July 7th. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Jefferies Financial Group raised their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research report on Monday, July 7th. Citigroup raised their price objective on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a "buy" rating in a research report on Friday, July 18th. Finally, HC Wainwright cut their price objective on shares of Cogent Biosciences from $22.00 to $21.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $20.00.

Cogent Biosciences Price Performance

The stock has a market capitalization of $1.47 billion, a PE ratio of -7.28 and a beta of 0.35. The firm's 50 day simple moving average is $10.94 and its 200 day simple moving average is $7.72.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, topping the consensus estimate of ($0.55) by $0.02. Analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Transactions at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of Cogent Biosciences stock in a transaction on Thursday, July 10th. The shares were acquired at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the transaction, the director owned 9,003,418 shares in the company, valued at $81,030,762. This trade represents a 44.62% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 7.29% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in COGT. Wells Fargo & Company MN increased its position in Cogent Biosciences by 49.3% during the 4th quarter. Wells Fargo & Company MN now owns 43,645 shares of the technology company's stock valued at $340,000 after purchasing an additional 14,413 shares during the period. MetLife Investment Management LLC boosted its holdings in shares of 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 buying an additional 3,382 shares in the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Cogent Biosciences by 1,911.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 12,167 shares of the technology company's stock valued at $95,000 after buying an additional 11,562 shares in the last quarter. Hsbc Holdings PLC bought a new stake in shares of Cogent Biosciences during the 4th quarter valued at $81,000. Finally, Price T Rowe Associates Inc. MD boosted its holdings in shares of Cogent Biosciences by 12.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 49,643 shares of the technology company's stock valued at $388,000 after buying an additional 5,486 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.

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