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

Cogent Biosciences, Inc. (NASDAQ:COGT – Get Rating) was the recipient of a significant increase in short interest in July. As of July 15th, there was short interest totalling 5,680,000 shares, an increase of 19.3% from the June 30th total of 4,760,000 shares. Based on an average daily volume of 2,850,000 shares, the short-interest ratio is presently 2.0 days.

Insider Buying and Selling

In related news, major shareholder Fairmount Funds Management Llc purchased 1,200,000 shares of Cogent Biosciences stock in a transaction that occurred on Thursday, June 16th. The stock was purchased at an average cost of $8.25 per share, with a total value of $9,900,000.00. Following the completion of the transaction, the insider now directly owns 2,472,124 shares in the company, valued at $20,395,023. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 0.86% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Eventide Asset Management LLC grew its position in Cogent Biosciences by 11.0% during the first quarter. Eventide Asset Management LLC now owns 3,900,000 shares of the technology company’s stock worth $29,211,000 after buying an additional 385,091 shares during the period. TCG Crossover Management LLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $23,595,000. Frazier Life Sciences Management L.P. acquired a new stake in shares of Cogent Biosciences in the first quarter valued at approximately $19,862,000. Commodore Capital LP grew its position in shares of Cogent Biosciences by 19.3% in the fourth quarter. Commodore Capital LP now owns 2,281,315 shares of the technology company’s stock valued at $19,574,000 after purchasing an additional 368,804 shares during the last quarter. Finally, Frazier Management LLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $15,229,000.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on COGT. SVB Leerink upped their target price on shares of Cogent Biosciences from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Friday, June 10th. Guggenheim started coverage on shares of Cogent Biosciences in a research note on Tuesday, June 28th. They set a “buy” rating and a $15.00 price target on the stock.

Cogent Biosciences Stock Up 1.4 %

Shares of Cogent Biosciences stock opened at $10.65 on Thursday. Cogent Biosciences has a 52-week low of $3.79 and a 52-week high of $12.08. The company’s 50-day simple moving average is $8.79 and its 200-day simple moving average is $7.45. The firm has a market cap of $487.97 million, a price-to-earnings ratio of -4.84 and a beta of 2.07.

Cogent Biosciences (NASDAQ:COGT – Get Rating) last issued its earnings results on Tuesday, May 10th. The technology company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.15). Equities research analysts anticipate that Cogent Biosciences will post -2.5 EPS for the current year.

Cogent Biosciences Company Profile

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Cogent Biosciences, Inc, a biotechnology company, focuses on developing precision therapies for genetically defined diseases. Its lead product candidate includes CGT9486, a selective tyrosine kinase inhibitor designed to inhibit the 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.