Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares traded up 9% 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 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 also recently commented on COGT. Wedbush reissued a "neutral" rating and issued a $10.00 target price on shares of Cogent Biosciences in a research note on Monday, June 30th. Jefferies Financial Group raised their target price on shares of Cogent Biosciences from $23.00 to $28.00 and gave the company a "buy" rating in a research note on Monday. Guggenheim reissued a "buy" rating and issued a $17.00 target price on shares of Cogent Biosciences in a research note on Tuesday. HC Wainwright lifted their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a research note on Tuesday. Finally, Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $18.00.
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Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the company. Balyasny Asset Management L.P. raised its position in shares of Cogent Biosciences by 8.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock worth $162,000 after buying an additional 1,687 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in shares of Cogent Biosciences by 15.4% during 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. Arizona State Retirement System increased its stake in Cogent Biosciences by 18.0% in the 1st quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock valued at $123,000 after buying an additional 3,142 shares during the period. MetLife Investment Management LLC increased its stake in Cogent Biosciences by 6.3% in the 4th quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company's stock valued at $443,000 after buying an additional 3,382 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Cogent Biosciences by 6.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 62,275 shares of the technology company's stock worth $377,000 after acquiring an additional 3,693 shares in the last quarter.
Cogent Biosciences Stock Up 4.6%
The company's 50-day simple moving average is $6.33 and its 200 day simple moving average is $6.79. The company has a market capitalization of $1.24 billion, a P/E ratio of -5.91 and a beta of 1.88.
Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued 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. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.
About Cogent Biosciences
(
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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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