Short Interest in Cogent Biosciences, Inc. (NASDAQ:COGT) Expands By 9.3%

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) was the recipient of a large growth in short interest in December. As of December 31st, there was short interest totalling 7,980,000 shares, a growth of 9.3% from the December 15th total of 7,300,000 shares. Based on an average daily volume of 1,430,000 shares, the days-to-cover ratio is currently 5.6 days.

Analyst Ratings Changes

A number of research analysts recently issued reports on COGT shares. Needham & Company LLC downgraded shares of Cogent Biosciences from a "buy" rating to a "hold" rating in a research note on Wednesday, December 11th. HC Wainwright dropped their price target on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. JPMorgan Chase & Co. boosted 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 lifted their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research 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 research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Cogent Biosciences currently has an average rating of "Moderate Buy" and an average target price of $14.33.

Institutional Trading of Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Rhumbline Advisers increased its stake in Cogent Biosciences by 9.6% during 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. Cubist Systematic Strategies LLC lifted its stake 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 period. Point72 Asset Management L.P. boosted its holdings 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 valued at $126,335,000 after acquiring an additional 8,310,150 shares in the last quarter. Deerfield Management Company L.P. Series C increased its stake in shares of Cogent Biosciences by 144.0% during the second 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 acquiring an additional 2,209,918 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in Cogent Biosciences by 14.5% in 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 during the period.

Cogent Biosciences Trading Down 1.2 %

Cogent Biosciences stock traded down $0.10 during mid-day trading on Friday, reaching $8.03. The company's stock had a trading volume of 1,160,414 shares, compared to its average volume of 1,050,552. Cogent Biosciences has a twelve month low of $4.28 and a twelve month high of $12.61. The business has a 50 day moving average price of $8.61 and a 200-day moving average price of $9.68. The firm has a market cap of $886.99 million, a price-to-earnings ratio of -3.24 and a beta of 1.76.

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

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.