Cogent Biosciences (NASDAQ:COGT) Stock Price Up 4.3%

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) were up 4.3% on Friday . The company traded as high as $10.74 and last traded at $10.72. Approximately 219,687 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 1,523,950 shares. The stock had previously closed at $10.28.

Analyst Ratings Changes

Several equities analysts have issued reports on the company. Needham & Company LLC reissued a "buy" rating and issued a $18.00 price target on shares of Cogent Biosciences in a research note on Wednesday, August 7th. HC Wainwright reiterated a "buy" rating and set a $19.00 target price on shares of Cogent Biosciences in a research report on Monday, June 17th. JPMorgan Chase & Co. reduced their price target on shares of Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating for the company in a report on Wednesday, August 7th. Finally, Wedbush reiterated a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a report on Tuesday, August 6th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $14.50.

Cogent Biosciences Trading Up 4.5 %

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -4.33 and a beta of 1.71. The firm's 50-day moving average is $9.15 and its 200-day moving average is $8.01.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the business posted ($0.59) EPS. Analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. grew its holdings in Cogent Biosciences by 124.5% during the second 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 during the period. Kynam Capital Management LP grew its stake in shares of Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company's stock worth $34,426,000 after acquiring an additional 3,644,641 shares during the period. Deerfield Management Company L.P. Series C increased its holdings in Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company's stock worth $31,564,000 after acquiring an additional 2,209,918 shares during the last quarter. Janus Henderson Group PLC raised its stake in Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company's stock valued at $14,097,000 after acquiring an additional 2,083,065 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Cogent Biosciences by 27.1% in the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company's stock worth $38,746,000 after buying an additional 1,231,050 shares during the period.

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.