Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 8.3% in January

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a large increase in short interest during the month of January. As of January 31st, there was short interest totalling 10,130,000 shares, an increase of 8.3% from the January 15th total of 9,350,000 shares. Based on an average daily trading volume, of 1,590,000 shares, the short-interest ratio is presently 6.4 days.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. HC Wainwright dropped their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. Needham & Company LLC downgraded shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.33.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT traded up $0.06 on Tuesday, hitting $8.09. The company’s stock had a trading volume of 770,438 shares, compared to its average volume of 1,486,153. Cogent Biosciences has a 12 month low of $5.73 and a 12 month high of $12.61. The stock’s 50-day moving average is $8.31 and its two-hundred day moving average is $9.63. The company has a market capitalization of $893.18 million, a price-to-earnings ratio of -3.26 and a beta of 1.77.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Cogent Biosciences by 15.1% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company’s stock worth $1,058,000 after buying an additional 17,741 shares in the last quarter. Woodline Partners LP raised its holdings in Cogent Biosciences by 2.1% during the fourth quarter. Woodline Partners LP now owns 613,165 shares of the technology company’s stock worth $4,783,000 after purchasing an additional 12,589 shares in the last quarter. Tema Etfs LLC acquired a new stake in Cogent Biosciences in the fourth quarter worth approximately $405,000. Rafferty Asset Management LLC boosted its stake in Cogent Biosciences by 41.5% during the 4th quarter. Rafferty Asset Management LLC now owns 160,873 shares of the technology company’s stock valued at $1,255,000 after purchasing an additional 47,187 shares in the last quarter. Finally, ProShare Advisors LLC increased its position in shares of Cogent Biosciences by 30.5% during the 4th quarter. ProShare Advisors LLC now owns 31,074 shares of the technology company’s stock valued at $242,000 after purchasing an additional 7,267 shares during the period.

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.