Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Update

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient 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 volume of 1,590,000 shares, the short-interest ratio is currently 6.4 days.

Cogent Biosciences Stock Up 0.7 %

Shares of Cogent Biosciences stock traded up $0.06 during mid-day trading on Tuesday, hitting $8.09. The stock had a trading volume of 770,438 shares, compared to its average volume of 1,486,153. The firm has a 50-day moving average of $8.28 and a two-hundred day moving average of $9.62. Cogent Biosciences has a 12-month low of $5.73 and a 12-month high of $12.61. The firm has a market cap of $893.18 million, a P/E ratio of -3.26 and a beta of 1.77.

Institutional Trading of Cogent Biosciences

Hedge funds have recently made changes to their positions in the company. Values First Advisors Inc. purchased a new stake in shares of Cogent Biosciences in the 3rd quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Cogent Biosciences by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after purchasing an additional 1,104 shares during the period. nVerses Capital LLC purchased a new position in shares of Cogent Biosciences during the 3rd quarter worth approximately $76,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Cogent Biosciences during the 4th quarter worth approximately $78,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Cogent Biosciences during the 4th quarter worth approximately $81,000.

Wall Street Analysts Forecast Growth

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

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.