Cogent Biosciences (NASDAQ:COGT) Shares Up 9% After Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price was up 9% during mid-day trading on Wednesday after HC Wainwright raised their price target on the stock from $12.00 to $22.00. HC Wainwright currently has a buy rating on the stock. Cogent Biosciences traded as high as $10.12 and last traded at $10.66. Approximately 4,619,724 shares traded hands during trading, an increase of 206% from the average daily volume of 1,508,965 shares. The stock had previously closed at $9.78.

A number of other equities analysts have also recently weighed in on the company. Jefferies Financial Group lifted their price target on Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research note on Monday. Leerink Partners raised their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research report on Monday. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Robert W. Baird lifted their price target on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a report on Tuesday. Finally, Guggenheim reissued a "buy" rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Tuesday. Three analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $17.60.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of COGT. Proficio Capital Partners LLC acquired a new position in shares of Cogent Biosciences during the fourth quarter worth approximately $93,000. Charles Schwab Investment Management Inc. raised its stake in shares of Cogent Biosciences by 0.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 833,155 shares of the technology company's stock valued at $6,499,000 after purchasing an additional 7,362 shares in the last quarter. Intech Investment Management LLC grew its position in Cogent Biosciences by 99.3% in the fourth quarter. Intech Investment Management LLC now owns 56,657 shares of the technology company's stock valued at $442,000 after acquiring an additional 28,233 shares during the period. Teacher Retirement System of Texas grew its position in Cogent Biosciences by 15.4% in the fourth 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 during the period. Finally, Quantbot Technologies LP bought a new stake in Cogent Biosciences in the fourth quarter valued at $169,000.

Cogent Biosciences Stock Up 6.3%

The business has a 50-day simple moving average of $6.33 and a two-hundred day simple moving average of $6.79. The stock has a market capitalization of $1.18 billion, a P/E ratio of -5.65 and a beta of 1.88.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The technology company reported ($0.52) earnings per share for the quarter, beating analysts' consensus estimates of ($0.56) by $0.04. On average, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current 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.