Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 9.1% in November

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 8,420,000 shares, a growth of 9.1% from the November 15th total of 7,720,000 shares. Based on an average trading volume of 1,250,000 shares, the days-to-cover ratio is currently 6.7 days.

Cogent Biosciences Trading Up 1.3 %

NASDAQ COGT opened at $8.26 on Tuesday. The stock has a market cap of $912.42 million, a P/E ratio of -3.33 and a beta of 1.70. Cogent Biosciences has a 12-month low of $4.28 and a 12-month high of $12.61. The company has a fifty day simple moving average of $10.31 and a two-hundred day simple moving average of $9.80.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the business earned ($0.64) earnings per share. As a group, sell-side analysts forecast that Cogent Biosciences will post -2.42 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Citigroup lifted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Robert W. Baird increased their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. 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 MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of COGT. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cogent Biosciences by 38.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after acquiring an additional 1,104 shares during the period. Verition Fund Management LLC grew its position in shares of Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after purchasing an additional 2,176 shares during the period. SkyView Investment Advisors LLC raised its holdings in shares of Cogent Biosciences by 25.0% during the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after acquiring an additional 2,500 shares during the last quarter. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences in the third quarter valued at approximately $32,000. Finally, Creative Planning increased its position in shares of Cogent Biosciences by 29.6% during the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock worth $155,000 after purchasing an additional 3,272 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.