Cogent Biosciences (NASDAQ:COGT) Shares Up 6.5% - Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price traded up 6.5% during trading on Thursday . The company traded as high as $5.97 and last traded at $6.01. 2,123,981 shares traded hands during mid-day trading, an increase of 66% from the average session volume of 1,277,464 shares. The stock had previously closed at $5.64.

Analyst Ratings Changes

COGT has been the subject of several recent analyst reports. Wedbush reaffirmed a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. HC Wainwright dropped their price target on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Piper Sandler upgraded Cogent Biosciences to a "strong-buy" rating in a research report on Friday, March 7th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $21.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $14.57.

Cogent Biosciences Price Performance

The stock has a market capitalization of $774.22 million, a price-to-earnings ratio of -2.74 and a beta of 1.82. The stock has a 50-day moving average of $4.94 and a 200 day moving average of $6.98.

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

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently modified their holdings of the company. Barclays PLC increased its stake in Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company's stock valued at $1,897,000 after purchasing an additional 97,541 shares in the last quarter. New York State Common Retirement Fund grew its holdings in shares of Cogent Biosciences by 10.5% in 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 buying an additional 2,200 shares during the period. Y Intercept Hong Kong Ltd increased its position in shares of Cogent Biosciences by 137.7% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 75,037 shares of the technology company's stock valued at $585,000 after buying an additional 43,472 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Cogent Biosciences in the 4th quarter valued at $93,000. Finally, Charles Schwab Investment Management Inc. raised its stake in Cogent Biosciences by 0.9% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 833,155 shares of the technology company's stock worth $6,499,000 after buying an additional 7,362 shares during the period.

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.