Cogent Biosciences Sees Unusually High Options Volume (NASDAQ:COGT)

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of unusually large options trading activity on Thursday. Investors purchased 20,016 call options on the company. This is an increase of 5,019% compared to the typical volume of 391 call options.

Cogent Biosciences Stock Up 8.1 %

Shares of NASDAQ:COGT opened at $5.63 on Friday. Cogent Biosciences has a 52 week low of $3.72 and a 52 week high of $12.61. The stock has a market capitalization of $641.01 million, a P/E ratio of -2.27 and a beta of 1.67. The firm has a fifty day simple moving average of $5.88 and a two-hundred day simple moving average of $8.04.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. CWM LLC lifted its holdings in shares of Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company’s stock worth $52,000 after acquiring an additional 8,665 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $78,000. Hsbc Holdings PLC bought a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $81,000. KLP Kapitalforvaltning AS bought a new stake in shares of Cogent Biosciences in the 4th quarter valued at about $88,000. Finally, E Fund Management Co. Ltd. purchased a new position in Cogent Biosciences in the fourth quarter worth $89,000.

Analyst Ratings Changes

COGT has been the subject of a number of analyst reports. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Robert W. Baird reduced their price objective on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Wedbush reaffirmed a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. HC Wainwright cut their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $14.43.

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.