Cogent Biosciences (NASDAQ:COGT) Trading 3.8% Higher - Here's What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price traded up 3.8% on Monday . The stock traded as high as $4.86 and last traded at $4.82. 392,208 shares were traded during trading, a decline of 69% from the average session volume of 1,259,341 shares. The stock had previously closed at $4.64.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on COGT shares. Piper Sandler upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Scotiabank initiated coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price target on the stock. Robert W. Baird decreased their price objective on shares of Cogent Biosciences from $10.00 to $8.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Finally, Wedbush restated a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, February 25th. Three equities 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $14.43.

Cogent Biosciences Trading Up 5.5 %

The stock has a market cap of $557.33 million, a price-to-earnings ratio of -1.97 and a beta of 1.67. The stock has a fifty day simple moving average of $6.10 and a 200-day simple moving average of $8.16.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds have recently made changes to their positions in COGT. Balyasny Asset Management L.P. raised its holdings in Cogent Biosciences by 8.8% in the 4th 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 in the last quarter. New York State Common Retirement Fund raised its stake 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 in the last quarter. China Universal Asset Management Co. Ltd. lifted its position in Cogent Biosciences by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company's stock worth $183,000 after purchasing an additional 2,371 shares during the period. Teacher Retirement System of Texas boosted its position in shares of 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 acquiring an additional 2,396 shares in the last quarter. Finally, MetLife Investment Management LLC raised its position in Cogent Biosciences by 6.3% in the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock worth $443,000 after purchasing an additional 3,382 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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