Cogent Biosciences (NASDAQ:COGT) Stock Price Up 7%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price rose 7% during trading on Tuesday . The company traded as high as $9.34 and last traded at $9.30. Approximately 173,654 shares traded hands during trading, a decline of 90% from the average daily volume of 1,679,568 shares. The stock had previously closed at $8.69.

Wall Street Analysts Forecast Growth

COGT has been the topic of a number of recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $19.00 price target on shares of Cogent Biosciences in a report on Monday, June 17th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a report on Thursday, June 27th. Finally, Wedbush reiterated a “neutral” rating and set a $10.00 price target on shares of Cogent Biosciences in a report on Friday, May 24th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $14.67.

Cogent Biosciences Price Performance

The stock has a market capitalization of $881.52 million, a P/E ratio of -3.72 and a beta of 1.71. The company has a 50 day simple moving average of $8.54 and a 200-day simple moving average of $7.21.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.11). As a group, equities analysts forecast that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in COGT. SG Americas Securities LLC raised its stake in shares of Cogent Biosciences by 203.1% during the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after purchasing an additional 212,687 shares during the period. China Universal Asset Management Co. Ltd. grew its position in Cogent Biosciences by 355.0% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,961 shares of the technology company’s stock worth $59,000 after buying an additional 7,772 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Cogent Biosciences by 34.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,467 shares of the technology company’s stock worth $285,000 after buying an additional 12,293 shares in the last quarter. Cornercap Investment Counsel Inc. purchased a new position in Cogent Biosciences during the fourth quarter worth about $202,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Cogent Biosciences by 67.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 18,934 shares of the technology company’s stock worth $111,000 after buying an additional 7,606 shares in 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.