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

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

Analyst Ratings Changes

Several equities research analysts have weighed in on COGT shares. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. JPMorgan Chase & Co. reduced their price target on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Robert W. Baird lifted their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research note on Thursday, September 5th. Finally, 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 note on Tuesday, September 3rd. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Cogent Biosciences Stock Performance

Shares of NASDAQ:COGT traded down $0.10 during trading hours on Monday, hitting $10.80. 1,054,822 shares of the company’s stock traded hands, compared to its average volume of 1,470,743. The company’s fifty day simple moving average is $9.98 and its two-hundred day simple moving average is $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 released 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 company earned ($0.59) earnings per share. Analysts forecast that Cogent Biosciences will post -2.25 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its position in shares of Cogent Biosciences by 124.5% in the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after acquiring an additional 8,310,150 shares in the last quarter. Kynam Capital Management LP raised its stake in Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock valued at $34,426,000 after purchasing an additional 3,644,641 shares during the period. Deerfield Management Company L.P. Series C raised its stake in Cogent Biosciences by 144.0% during the 2nd 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 purchasing an additional 2,209,918 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of Cogent Biosciences by 12,785.8% in the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after buying an additional 1,231,050 shares during the period.

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.