Cogent Biosciences (NASDAQ:COGT) Trading 9% Higher on Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price shot up 9% 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. 4,619,724 shares were traded 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.

A number of other equities analysts have also recently weighed in on COGT. Wedbush reissued a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Monday, June 30th. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. 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. Finally, Guggenheim reaffirmed 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 assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $17.60.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the company. Strs Ohio bought a new stake in shares of Cogent Biosciences during the first quarter valued at approximately $36,000. CWM LLC boosted its position in shares of Cogent Biosciences by 11,869.9% during the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after purchasing an additional 8,665 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences during the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC bought a new stake in shares of Cogent Biosciences during the fourth quarter valued at approximately $81,000. Finally, KLP Kapitalforvaltning AS purchased a new position in Cogent Biosciences during the fourth quarter valued at $88,000.

Cogent Biosciences Price Performance

The stock has a 50 day simple moving average of $6.23 and a 200-day simple moving average of $6.77. The firm has a market cap of $1.18 billion, a PE ratio of -5.80 and a beta of 1.88.

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

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