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

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares traded up 11.6% 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 mid-day trading, a decline of 79% from the average session volume of 1,261,288 shares. The stock had previously closed at $4.88.

A number of other analysts also recently weighed in on the company. Scotiabank started coverage on Cogent Biosciences in a research report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price for the company. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Wedbush reaffirmed a "neutral" rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. HC Wainwright decreased their price target on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a research note on Tuesday, May 20th. Finally, Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $14.57.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of Cogent Biosciences by 99.2% in the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after purchasing an additional 8,249,845 shares during the period. Paradigm Biocapital Advisors LP boosted its holdings in shares of Cogent Biosciences by 82.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after purchasing an additional 4,046,243 shares during the period. Vestal Point Capital LP purchased a new position in shares of Cogent Biosciences in the 1st quarter worth approximately $17,970,000. Octagon Capital Advisors LP boosted its holdings in Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after acquiring an additional 1,458,000 shares during the period. Finally, Woodline Partners LP boosted its holdings in Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock valued at $10,108,000 after acquiring an additional 1,074,375 shares during the period.

Cogent Biosciences Stock Performance

The stock has a fifty day moving average of $4.97 and a 200-day moving average of $7.12. The company has a market cap of $612.55 million, a PE ratio of -2.17 and a beta of 1.91.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.04. As a group, equities analysts anticipate that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal 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.