Cogent Biosciences (NASDAQ:COGT) Sees Strong Trading Volume – Here’s What Happened

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) saw unusually-high trading volume on Thursday . Approximately 2,924,988 shares traded hands during trading, an increase of 84% from the previous session’s volume of 1,593,142 shares.The stock last traded at $9.33 and had previously closed at $9.66.

Analyst Ratings Changes

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

Cogent Biosciences Price Performance

The company has a 50 day simple moving average of $8.42 and a 200 day simple moving average of $9.67.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter in the prior year, the business posted ($0.64) EPS. On average, equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in COGT. FMR LLC raised its holdings in Cogent Biosciences by 8.1% during the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after acquiring an additional 625,743 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after purchasing an additional 300,062 shares during the last quarter. SG Americas Securities LLC raised its stake in shares of Cogent Biosciences by 2,865.3% during the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock worth $7,525,000 after purchasing an additional 932,179 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cogent Biosciences by 0.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 833,155 shares of the technology company’s stock valued at $6,499,000 after buying an additional 7,362 shares during the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in shares of Cogent Biosciences by 1.1% in the third quarter. Assenagon Asset Management S.A. now owns 607,208 shares of the technology company’s stock valued at $6,558,000 after buying an additional 6,444 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.