Cogent Biosciences (NASDAQ:COGT) Sees Unusually-High Trading Volume After Analyst Upgrade

Cogent Biosciences, Inc. (NASDAQ:COGT) shares saw unusually-strong trading volume on Wednesday after Robert W. Baird raised their price target on the stock from $14.00 to $34.00. Robert W. Baird currently has a neutral rating on the stock. Approximately 3,171,732 shares traded hands during trading, an increase of 48% from the previous session’s volume of 2,141,081 shares.The stock last traded at $33.06 and had previously closed at $33.42.

A number of other equities research analysts have also recently commented on the stock. Stifel Nicolaus raised shares of Cogent Biosciences from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research note on Monday. Citigroup upped their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the company a “buy” rating in a report on Friday, July 18th. JPMorgan Chase & Co. raised their price objective on shares of Cogent Biosciences from $30.00 to $44.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 21st. Leerink Partners lifted their price objective on Cogent Biosciences from $18.00 to $50.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Guggenheim increased their target price on Cogent Biosciences from $17.00 to $20.00 and gave the company a “buy” rating in a report on Monday, August 25th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $29.92.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Barclays PLC lifted its stake in shares of Cogent Biosciences by 12.2% during the 3rd quarter. Barclays PLC now owns 359,830 shares of the technology company’s stock worth $5,167,000 after purchasing an additional 39,265 shares during the period. Victory Capital Management Inc. increased its stake in Cogent Biosciences by 15.5% in the third quarter. Victory Capital Management Inc. now owns 12,954 shares of the technology company’s stock valued at $186,000 after purchasing an additional 1,742 shares during the last quarter. Rafferty Asset Management LLC lifted its position in Cogent Biosciences by 62.3% during the third quarter. Rafferty Asset Management LLC now owns 148,801 shares of the technology company’s stock worth $2,137,000 after buying an additional 57,139 shares during the period. Xponance Inc. purchased a new position in Cogent Biosciences during the third quarter worth about $146,000. Finally, China Universal Asset Management Co. Ltd. boosted its stake in Cogent Biosciences by 7.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 24,487 shares of the technology company’s stock worth $352,000 after buying an additional 1,619 shares during the last quarter.

Cogent Biosciences Stock Up 5.5%

The firm has a fifty day simple moving average of $15.67 and a 200 day simple moving average of $11.10. The company has a debt-to-equity ratio of 0.23, a quick ratio of 4.19 and a current ratio of 6.38. The company has a market cap of $5.02 billion, a PE ratio of -21.50 and a beta of 0.41.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings data on Friday, November 7th. The technology company reported ($0.50) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.04. Equities research analysts predict that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

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.