Cogent Biosciences (NASDAQ:COGT) Stock Price Up 4%

Cogent Biosciences, Inc. (NASDAQ:COGT) shares rose 4% during trading on Monday . The stock traded as high as $7.04 and last traded at $6.98. Approximately 288,808 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 2,040,165 shares. The stock had previously closed at $6.71.

Analysts Set New Price Targets

COGT has been the subject of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a report on Monday, February 26th. Citigroup raised their price target on Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a report on Monday, February 26th. Leerink Partnrs reissued an “outperform” rating on shares of Cogent Biosciences in a report on Thursday, February 22nd. Wedbush lifted their price objective on Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a report on Friday, February 23rd. Finally, JPMorgan Chase & Co. lifted their price objective on Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a report on Tuesday, February 27th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

Cogent Biosciences Trading Down 2.2 %

The firm has a fifty day moving average of $7.04 and a 200-day moving average of $6.79.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings results on Monday, February 26th. The technology company reported ($0.63) earnings per share for the quarter, missing the consensus estimate of ($0.55) by ($0.08). Analysts predict that Cogent Biosciences, Inc. will post -1.89 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several hedge funds have recently bought and sold shares of COGT. FMR LLC increased its position in Cogent Biosciences by 1,322.5% during the third quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after buying an additional 4,248,521 shares in the last quarter. Kynam Capital Management LP increased its position in Cogent Biosciences by 164.9% during the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock worth $34,426,000 after buying an additional 3,644,641 shares in the last quarter. Frazier Life Sciences Management L.P. increased its position in Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after buying an additional 493,884 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Cogent Biosciences by 204.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 592,492 shares of the technology company’s stock worth $5,777,000 after buying an additional 397,765 shares in the last quarter. Finally, SG Americas Securities LLC increased its position in Cogent Biosciences by 203.1% during the fourth quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock worth $1,866,000 after buying an additional 212,687 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.