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

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares shot up 9% during trading on Wednesday after JPMorgan Chase & Co. raised their price target on the stock from $25.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Cogent Biosciences traded as high as $10.12 and last traded at $10.66. 4,619,724 shares changed hands during mid-day trading, an increase of 206% from the average session volume of 1,508,965 shares. The stock had previously closed at $9.78.

COGT has been the subject of a number of other research reports. Robert W. Baird boosted their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research report on Tuesday. HC Wainwright boosted their price objective on Cogent Biosciences from $12.00 to $22.00 and gave the company a "buy" rating in a research report on Tuesday. Needham & Company LLC restated a "hold" rating on shares of Cogent Biosciences in a research report on Tuesday, June 17th. Guggenheim restated a "buy" rating and set a $17.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. Finally, Leerink Partners boosted their price objective on Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research report on Monday, July 7th. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $18.00.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in COGT. Proficio Capital Partners LLC bought a new stake in Cogent Biosciences during the 4th quarter valued at $93,000. Charles Schwab Investment Management Inc. lifted its holdings 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 buying an additional 7,362 shares during the period. Intech Investment Management LLC lifted its holdings in shares of 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 buying an additional 28,233 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of 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 buying an additional 2,396 shares during the period. Finally, Quantbot Technologies LP acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at $169,000.

Cogent Biosciences Price Performance

The firm has a market cap of $1.25 billion, a price-to-earnings ratio of -5.97 and a beta of 1.88. The company has a fifty day moving average price of $6.54 and a two-hundred day moving average price of $6.84.

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

Cogent Biosciences Company Profile

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.