Cogent Biosciences (NASDAQ:COGT) Shares Up 8.8% – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) rose 8.8% during trading on Monday . The company traded as high as $8.57 and last traded at $8.57. Approximately 477,301 shares were traded 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

COGT has been the subject of a number of research reports. Citigroup raised their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. HC Wainwright reissued a “buy” rating on shares of Cogent Biosciences in a research note on Wednesday, December 11th. JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Wedbush reissued a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Finally, Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating 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. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.83.

Cogent Biosciences Stock Performance

The company has a 50 day simple moving average of $9.25 and a two-hundred day simple moving average of $9.72. The company has a market cap of $890.32 million, a PE ratio of -3.25 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last announced 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 last year, the firm posted ($0.64) earnings per share. As a group, analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in COGT. JPMorgan Chase & Co. increased its stake in shares of Cogent Biosciences by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock worth $700,000 after purchasing an additional 5,720 shares during the last quarter. Virtu Financial LLC bought a new position in Cogent Biosciences during the third quarter valued at about $147,000. Geode Capital Management LLC lifted its position in shares of Cogent Biosciences by 15.1% in the third 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 during the last quarter. Barclays PLC increased its holdings in shares of Cogent Biosciences by 124.8% during the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares during the last quarter. Finally, Nomura Asset Management Co. Ltd. bought a new position in shares of Cogent Biosciences in the 3rd quarter valued at approximately $488,000.

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.