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

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large increase in short interest in the month of January. As of January 15th, there was short interest totalling 7,980,000 shares, an increase of 9.3% from the December 31st total of 7,300,000 shares. Based on an average trading volume of 1,430,000 shares, the days-to-cover ratio is currently 5.6 days.

Cogent Biosciences Stock Performance

Shares of Cogent Biosciences stock traded down $0.32 on Monday, reaching $8.99. 1,077,216 shares of the company’s stock were exchanged, compared to its average volume of 1,592,187. The firm’s 50-day moving average is $8.46 and its two-hundred day moving average is $9.67. The company has a market capitalization of $993.04 million, a P/E ratio of -3.62 and a beta of 1.77. Cogent Biosciences has a 52 week low of $4.62 and a 52 week high of $12.61.

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

Analyst Ratings Changes

Several analysts recently weighed in on COGT shares. HC Wainwright reduced their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Monday, January 13th. Finally, JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and an average target price of $14.33.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. The Manufacturers Life Insurance Company lifted its holdings in shares of Cogent Biosciences by 14.5% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock worth $301,000 after purchasing an additional 4,528 shares in the last quarter. SG Americas Securities LLC acquired a new position in Cogent Biosciences during the third quarter worth $351,000. Creative Planning lifted its stake in shares of Cogent Biosciences by 29.6% in the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after buying an additional 3,272 shares in the last quarter. nVerses Capital LLC acquired a new position in shares of Cogent Biosciences during the third quarter valued at about $76,000. Finally, Hennion & Walsh Asset Management Inc. increased its position in shares of Cogent Biosciences by 34.7% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 171,999 shares of the technology company’s stock worth $1,858,000 after acquiring an additional 44,287 shares in the last quarter.

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.