Cogent Biosciences (NASDAQ:COGT) Trading Up 11.6% After Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s share price traded up 11.6% during mid-day trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $21.00 to $25.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cogent Biosciences traded as high as $5.28 and last traded at $5.44. 259,014 shares changed hands during trading, a decline of 79% from the average session volume of 1,261,288 shares. The stock had previously closed at $4.88.

COGT has been the topic of a number of other reports. Scotiabank initiated coverage on Cogent Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 target price on the stock. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Robert W. Baird decreased their target price on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 7th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Finally, HC Wainwright lowered their price objective on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, May 20th. Three research 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. According to MarketBeat, Cogent Biosciences currently has a consensus rating of "Moderate Buy" and an average target price of $14.57.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently added to or reduced their stakes in the business. Barclays PLC raised its stake in shares of Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company's stock worth $1,897,000 after purchasing an additional 97,541 shares during the last quarter. Janus Henderson Group PLC raised its holdings in shares of Cogent Biosciences by 84.3% in the fourth quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company's stock valued at $227,000 after purchasing an additional 13,300 shares during the last quarter. New York State Common Retirement Fund raised its holdings in shares of Cogent Biosciences by 10.5% in the fourth 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 last quarter. Hsbc Holdings PLC bought a new position in shares of Cogent Biosciences during the fourth quarter valued at about $81,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cogent Biosciences by 7.0% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,582 shares of the technology company's stock worth $456,000 after purchasing an additional 3,831 shares in the last quarter.

Cogent Biosciences Stock Up 3.2%

The stock has a 50-day moving average of $4.97 and a 200 day moving average of $7.08. The company has a market capitalization of $639.19 million, a PE ratio of -2.26 and a beta of 1.91.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.04. Equities analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

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.