Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Increase in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) was the target of a significant increase in short interest in November. As of November 30th, there was short interest totalling 8,420,000 shares, an increase of 9.1% from the November 15th total of 7,720,000 shares. Based on an average daily trading volume, of 1,250,000 shares, the days-to-cover ratio is currently 6.7 days.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on COGT shares. Robert W. Baird upped their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a research report on Thursday, September 5th. Wedbush restated a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday, November 12th. Needham & Company LLC lowered shares of Cogent Biosciences from a "buy" rating to a "hold" rating in a research note on Wednesday, December 11th. Citigroup increased their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, September 24th. Finally, HC Wainwright restated a "buy" rating on shares of Cogent Biosciences in a report on Wednesday, December 11th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Stock Performance

NASDAQ:COGT traded up $0.11 during mid-day trading on Monday, hitting $8.26. The stock had a trading volume of 1,789,892 shares, compared to its average volume of 1,461,907. Cogent Biosciences has a twelve month low of $4.28 and a twelve month high of $12.61. The stock has a market cap of $912.40 million, a price-to-earnings ratio of -3.29 and a beta of 1.70. The company's 50 day simple moving average is $10.36 and its 200 day simple moving average is $9.79.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.07). During the same quarter in the prior year, the business earned ($0.64) earnings per share. As a group, equities analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of COGT. Virtu Financial LLC acquired a new position in shares of Cogent Biosciences in the third quarter valued at approximately $147,000. Geode Capital Management LLC boosted its stake in Cogent Biosciences by 15.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock valued at $24,638,000 after purchasing an additional 300,062 shares during the period. Barclays PLC grew its holdings in Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company's stock valued at $1,897,000 after buying an additional 97,541 shares in the last quarter. Nomura Asset Management Co. Ltd. bought a new position in Cogent Biosciences during the 3rd quarter worth $488,000. Finally, Wellington Management Group LLP lifted its holdings in shares of Cogent Biosciences by 8.0% during the third quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company's stock worth $3,697,000 after buying an additional 25,470 shares in the last quarter.

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.

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