Cogent Biosciences (NASDAQ:COGT) Trading Up 6.5% - What's Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) traded up 6.5% during trading on Thursday . The stock traded as high as $5.97 and last traded at $6.01. 2,123,981 shares were traded during 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

Several analysts have recently commented on the stock. HC Wainwright reduced their price objective on shares of Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a research report on Tuesday, May 20th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Robert W. Baird reduced their price objective on shares of Cogent Biosciences from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Scotiabank assumed coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price objective for the company. Finally, Wedbush reaffirmed a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Three equities research 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 company's 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 Trading Up 13.5%

The firm's 50-day moving average is $4.94 and its 200-day moving average is $7.00. The firm has a market cap of $774.22 million, a price-to-earnings ratio of -2.74 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) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.04. Analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

Hedge funds have recently bought and sold shares of the business. Barclays PLC grew its position in Cogent Biosciences by 124.8% in the 3rd 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 during the period. Janus Henderson Group PLC boosted its holdings in Cogent Biosciences by 84.3% during the 4th quarter. Janus Henderson Group PLC now owns 29,073 shares of the technology company's stock worth $227,000 after acquiring an additional 13,300 shares during the last quarter. New York State Common Retirement Fund boosted 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 worth $180,000 after acquiring an additional 2,200 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Cogent Biosciences by 7.0% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,582 shares of the technology company's stock worth $456,000 after acquiring an additional 3,831 shares during the last quarter. Finally, ProShare Advisors LLC boosted its holdings in Cogent Biosciences by 30.5% during the 4th quarter. ProShare Advisors LLC now owns 31,074 shares of the technology company's stock worth $242,000 after acquiring an additional 7,267 shares during 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.