Cogent Biosciences (NASDAQ:COGT) Sees Large Volume Increase – Should You Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares saw unusually-high trading volume on Thursday . Approximately 2,924,988 shares changed hands during mid-day 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 Upgrades and Downgrades

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

Cogent Biosciences Trading Down 4.7 %

The stock’s 50-day simple moving average is $8.42 and its 200-day simple moving average is $9.67.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results 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 period last year, the business earned ($0.64) earnings per share. Sell-side analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the company. Values First Advisors Inc. acquired a new position in shares of Cogent Biosciences in the 3rd quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. raised its position in Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,104 shares in the last quarter. nVerses Capital LLC bought a new stake in Cogent Biosciences during the third quarter worth $76,000. Victory Capital Management Inc. bought a new stake in Cogent Biosciences during the third quarter worth $113,000. Finally, E Fund Management Co. Ltd. acquired a new stake in shares of Cogent Biosciences in the 4th quarter valued at $89,000.

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.