Cogent Biosciences (NASDAQ:COGT) Stock Price Up 5.8%

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shot up 5.8% during mid-day trading on Monday . The company traded as high as $11.09 and last traded at $11.08. 63,502 shares changed hands during mid-day trading, a decline of 96% from the average session volume of 1,518,976 shares. The stock had previously closed at $10.47.

Wall Street Analyst Weigh In

COGT has been the topic of several research reports. HC Wainwright dropped their price objective on shares of Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd. Robert W. Baird raised their target price on Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday. JPMorgan Chase & Co. dropped their price target on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 target price on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Finally, Wedbush restated a "neutral" rating and set a $11.00 target price (up previously from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, Cogent Biosciences has a consensus rating of "Moderate Buy" and an average target price of $14.67.

Cogent Biosciences Price Performance

The firm has a market capitalization of $1.20 billion, a P/E ratio of -4.42 and a beta of 1.70. The stock's 50-day simple moving average is $9.44 and its two-hundred day simple moving average is $8.11.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter last year, the firm earned ($0.59) EPS. On average, analysts forecast that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. raised its stake in shares of Cogent Biosciences by 56.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company's stock valued at $88,265,000 after acquiring an additional 3,794,150 shares during the period. SkyView Investment Advisors LLC grew its stake in shares of Cogent Biosciences by 25.0% in the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company's stock worth $105,000 after purchasing an additional 2,500 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Cogent Biosciences by 14.5% during the second quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company's stock worth $301,000 after purchasing an additional 4,528 shares in the last quarter. Deerfield Management Company L.P. Series C boosted its position in shares of 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 purchasing an additional 2,209,918 shares in the last quarter. Finally, Cubist Systematic Strategies LLC grew its holdings in shares of Cogent Biosciences by 34.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company's stock worth $1,135,000 after acquiring an additional 34,655 shares during the last quarter.

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.