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

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 7,720,000 shares, a decline of 8.4% from the October 31st total of 8,430,000 shares. Based on an average daily volume of 1,100,000 shares, the days-to-cover ratio is presently 7.0 days.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the business. Point72 Asset Management L.P. lifted its stake in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after purchasing an additional 8,310,150 shares during the last quarter. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Cogent Biosciences during the 2nd quarter valued at $1,077,000. Sofinnova Investments Inc. grew its position in Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after acquiring an additional 372,515 shares during the last quarter. Deerfield Management Company L.P. Series C increased its holdings in Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock worth $31,564,000 after purchasing an additional 2,209,918 shares in the last quarter. Finally, Quest Partners LLC bought a new position in Cogent Biosciences in the second quarter valued at about $89,000.

Cogent Biosciences Stock Performance

Shares of NASDAQ COGT traded down $0.04 during mid-day trading on Monday, reaching $9.47. The company had a trading volume of 925,375 shares, compared to its average volume of 1,422,662. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -3.80 and a beta of 1.72. The business’s 50-day simple moving average is $10.71 and its 200 day simple moving average is $9.71. Cogent Biosciences has a one year low of $3.67 and a one year high of $12.61.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the prior year, the business posted ($0.64) EPS. On average, sell-side analysts anticipate that Cogent Biosciences will post -2.4 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Citigroup lifted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Wedbush reiterated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, November 12th. HC Wainwright restated a “buy” rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Monday, November 4th. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC reduced their target price on shares of Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

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.