Cogent Biosciences, Inc. (NASDAQ:COGT) Sees Large Increase in Short Interest

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 10,130,000 shares, a growth of 8.3% from the January 15th total of 9,350,000 shares. Based on an average daily volume of 1,590,000 shares, the short-interest ratio is currently 6.4 days.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on COGT. Needham & Company LLC downgraded shares of 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. JPMorgan Chase & Co. raised their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Finally, HC Wainwright decreased 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 report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.33.

Cogent Biosciences Stock Up 2.1 %

NASDAQ COGT traded up $0.17 on Tuesday, reaching $8.20. The company had a trading volume of 118,797 shares, compared to its average volume of 1,463,957. The stock has a market capitalization of $905.99 million, a PE ratio of -3.31 and a beta of 1.77. The firm’s 50 day moving average price is $8.31 and its 200 day moving average price is $9.63. Cogent Biosciences has a 12 month low of $5.73 and a 12 month high of $12.61.

Institutional Trading of Cogent Biosciences

A number of large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after buying an additional 1,104 shares during the last quarter. Balyasny Asset Management L.P. increased its holdings in shares of Cogent Biosciences by 8.8% in the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock worth $162,000 after buying an additional 1,687 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Cogent Biosciences by 7.5% in the 3rd quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after buying an additional 2,176 shares during the last quarter. New York State Common Retirement Fund increased its holdings in shares of Cogent Biosciences by 10.5% in the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after buying an additional 2,200 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Cogent Biosciences by 11.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after buying an additional 2,371 shares during 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.