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

Cogent Biosciences, Inc. (NASDAQ:COGT) saw a large drop in short interest in the month of September. As of September 15th, there was short interest totalling 9,730,000 shares, a drop of 5.1% from the August 31st total of 10,250,000 shares. Based on an average daily trading volume, of 863,600 shares, the short-interest ratio is currently 11.3 days.

Cogent Biosciences Stock Down 0.9 %

COGT stock traded down $0.10 during mid-day trading on Monday, reaching $10.80. 1,054,822 shares of the stock traded hands, compared to its average volume of 1,470,743. The business has a 50-day moving average of $9.98 and a two-hundred day moving average of $8.48. Cogent Biosciences has a 52 week low of $3.67 and a 52 week high of $12.14.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same period last year, the business earned ($0.59) earnings per share. As a group, equities research analysts anticipate that Cogent Biosciences will post -2.25 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on COGT shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 target price on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Citigroup increased their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. HC Wainwright lowered their target price on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Finally, Wedbush restated a “neutral” rating and set a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a report on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $15.00.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently modified their holdings of the business. Point72 Asset Management L.P. increased its position in Cogent Biosciences by 56.8% during the second quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock worth $88,265,000 after acquiring an additional 3,794,150 shares during the period. SkyView Investment Advisors LLC grew its position in Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after purchasing an additional 2,500 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Cogent Biosciences by 14.5% during 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 during the period. Deerfield Management Company L.P. Series C raised its position in shares of Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after buying an additional 2,209,918 shares during the last quarter. Finally, Cubist Systematic Strategies LLC raised its position in shares of Cogent Biosciences by 34.7% during the second quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock valued at $1,135,000 after buying an additional 34,655 shares during 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.