Cogent Biosciences (NASDAQ:COGT) Shares Gap Up - Here's What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $7.37, but opened at $8.00. Cogent Biosciences shares last traded at $8.31, with a volume of 672,938 shares.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on COGT shares. HC Wainwright dropped their price target on Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday. Needham & Company LLC downgraded shares of Cogent Biosciences from a "buy" rating to a "hold" rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. upped their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, November 14th. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, September 24th. Finally, Wedbush reaffirmed a "neutral" rating and issued a $11.00 price objective on shares of Cogent Biosciences in a report on Monday. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $14.33.

Cogent Biosciences Stock Up 10.2 %

The firm has a market capitalization of $896.95 million, a price-to-earnings ratio of -3.27 and a beta of 1.76. The firm's 50 day moving average is $8.74 and its 200 day moving average is $9.69.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the business posted ($0.64) earnings per share. On average, sell-side analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of COGT. Rhumbline Advisers increased its stake in Cogent Biosciences by 9.6% in the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company's stock valued at $1,100,000 after buying an additional 11,383 shares during the period. Quest Partners LLC acquired a new stake in shares of Cogent Biosciences during the 2nd quarter valued at about $89,000. Sofinnova Investments Inc. grew its stake in shares of Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company's stock valued at $23,379,000 after buying an additional 372,515 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in shares of Cogent Biosciences by 34.7% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company's stock worth $1,135,000 after purchasing an additional 34,655 shares during the last quarter. Finally, Point72 Asset Management L.P. raised its holdings in shares of Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company's stock valued at $126,335,000 after purchasing an additional 8,310,150 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.