Cogent Biosciences (NASDAQ:COGT) Stock Price Up 8.8% - Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares rose 8.8% on Monday . The stock traded as high as $8.57 and last traded at $8.57. Approximately 477,301 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 964,471 shares. The stock had previously closed at $7.88.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on COGT. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, November 14th. Citigroup upped their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Wedbush reiterated a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Needham & Company LLC downgraded shares of Cogent Biosciences from a "buy" rating to a "hold" rating in a research report on Wednesday, December 11th. Finally, HC Wainwright reaffirmed 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 issued a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Price Performance

The stock has a market capitalization of $890.32 million, a price-to-earnings ratio of -3.25 and a beta of 1.76. The company has a 50-day simple moving average of $9.18 and a two-hundred day simple moving average of $9.72.

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 for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.07). During the same period last year, the business earned ($0.64) EPS. Research analysts anticipate that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. grew its stake in shares of Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company's stock worth $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. FMR LLC grew its position in Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company's stock valued at $89,850,000 after buying an additional 625,743 shares in the last quarter. Deerfield Management Company L.P. Series C increased its stake in Cogent Biosciences by 144.0% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company's stock valued at $31,564,000 after buying an additional 2,209,918 shares during the period. Sofinnova Investments Inc. increased its stake in Cogent Biosciences by 15.5% during 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 during the period. Finally, Geode Capital Management LLC raised its position in shares of Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock worth $24,638,000 after buying an additional 300,062 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.