Short Interest in Cogent Biosciences, Inc. (NASDAQ:COGT) Increases By 9.1%

Cogent Biosciences, Inc. (NASDAQ:COGT) saw a significant growth in short interest in the month of 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 presently 6.7 days.

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD boosted its holdings in shares of Cogent Biosciences by 12.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 35,211 shares of the technology company’s stock worth $237,000 after buying an additional 4,030 shares during the last quarter. California State Teachers Retirement System raised its holdings in Cogent Biosciences by 15.8% in the 1st quarter. California State Teachers Retirement System now owns 64,351 shares of the technology company’s stock worth $432,000 after purchasing an additional 8,804 shares during the period. Hennion & Walsh Asset Management Inc. purchased a new position in Cogent Biosciences during the second quarter valued at $1,077,000. Bank of New York Mellon Corp grew its holdings in Cogent Biosciences by 16.3% during the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company’s stock valued at $2,753,000 after purchasing an additional 45,770 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Cogent Biosciences by 9.6% during the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock valued at $1,100,000 after buying an additional 11,383 shares in the last quarter.

Cogent Biosciences Trading Down 1.0 %

Shares of COGT stock traded down $0.08 during midday trading on Tuesday, reaching $8.18. 41,286 shares of the stock were exchanged, compared to its average volume of 1,456,011. Cogent Biosciences has a 1 year low of $4.28 and a 1 year high of $12.61. The firm has a market cap of $903.58 million, a PE ratio of -3.33 and a beta of 1.70. The company’s 50 day moving average is $10.31 and its two-hundred day moving average is $9.80.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the firm earned ($0.64) earnings per share. As a group, equities analysts expect that Cogent Biosciences will post -2.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

COGT has been the subject of a number of research reports. Citigroup upped their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Wedbush reissued a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Robert W. Baird raised their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Finally, HC Wainwright reiterated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Three 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.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.83.

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.