Stock Traders Buy High Volume of Put Options on Cogent Biosciences (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) was the recipient of some unusual options trading on Monday. Stock investors acquired 5,420 put options on the company. This is an increase of approximately 321% compared to the typical daily volume of 1,287 put options.

Analyst Ratings Changes

A number of equities analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price target on Cogent Biosciences from $21.00 to $25.00 and gave the stock an "overweight" rating in a report on Thursday, May 29th. Needham & Company LLC reissued a "hold" rating on shares of Cogent Biosciences in a research note on Tuesday, June 17th. Guggenheim restated a "buy" rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Tuesday. Robert W. Baird increased their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the company a "neutral" rating in a research note on Tuesday. Finally, HC Wainwright upped their price target on shares of Cogent Biosciences from $12.00 to $22.00 and gave the stock a "buy" rating in a report on Tuesday. Three 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.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $17.60.

Cogent Biosciences Price Performance

Shares of Cogent Biosciences stock traded up $0.43 during trading on Tuesday, hitting $9.78. The company's stock had a trading volume of 6,691,203 shares, compared to its average volume of 1,492,607. The stock has a market cap of $1.11 billion, a price-to-earnings ratio of -5.32 and a beta of 1.88. Cogent Biosciences has a 52 week low of $3.72 and a 52 week high of $12.61. The stock has a 50-day moving average price of $6.23 and a two-hundred day moving average price of $6.77.

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

Institutional Trading of Cogent Biosciences

Several institutional investors have recently added to or reduced their stakes in COGT. Strs Ohio acquired a new position in shares of Cogent Biosciences in the 1st quarter worth approximately $36,000. CWM LLC lifted its holdings in Cogent Biosciences by 11,869.9% in the first quarter. CWM LLC now owns 8,738 shares of the technology company's stock valued at $52,000 after buying an additional 8,665 shares during the period. Schonfeld Strategic Advisors LLC bought a new stake in Cogent Biosciences during the fourth quarter valued at $78,000. Hsbc Holdings PLC acquired a new stake in Cogent Biosciences during the 4th quarter worth about $81,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Cogent Biosciences in the 4th quarter worth about $88,000.

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.