Cogent Biosciences (NASDAQ:COGT) Trading Up 6.1% - What's Next?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price was up 6.1% on Tuesday . The stock traded as high as $4.97 and last traded at $4.86. Approximately 148,609 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 1,260,346 shares. The stock had previously closed at $4.58.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on COGT shares. Wedbush restated a "neutral" rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, February 25th. HC Wainwright dropped their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Finally, Scotiabank assumed coverage on Cogent Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price objective on the stock. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Cogent Biosciences has a consensus rating of "Moderate Buy" and a consensus target price of $14.43.

Cogent Biosciences Trading Up 2.3 %

The stock has a 50 day simple moving average of $6.46 and a 200 day simple moving average of $8.41. The firm has a market capitalization of $497.52 million, a PE ratio of -1.76 and a beta of 1.67.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COGT. Balyasny Asset Management L.P. increased its position in shares of Cogent Biosciences by 8.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock valued at $162,000 after acquiring an additional 1,687 shares during the period. New York State Common Retirement Fund increased its holdings in Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company's stock valued at $180,000 after purchasing an additional 2,200 shares during the period. China Universal Asset Management Co. Ltd. raised its position in Cogent Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company's stock valued at $183,000 after purchasing an additional 2,371 shares during the last quarter. Teacher Retirement System of Texas lifted its holdings in Cogent Biosciences by 15.4% in the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock worth $140,000 after buying an additional 2,396 shares during the period. Finally, MetLife Investment Management LLC grew its position in shares of Cogent Biosciences by 6.3% in the 4th quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock worth $443,000 after buying an additional 3,382 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.