Cogent Biosciences, Inc. (NASDAQ:COGT) Short Interest Up 9.3% in December

Cogent Biosciences, Inc. (NASDAQ:COGT) was the target of a large increase in short interest in December. As of December 31st, there was short interest totalling 7,980,000 shares, an increase of 9.3% from the December 15th total of 7,300,000 shares. Based on an average daily volume of 1,430,000 shares, the short-interest ratio is currently 5.6 days.

Cogent Biosciences Stock Down 1.2 %

COGT stock traded down $0.10 on Friday, hitting $8.03. 1,160,414 shares of the company’s stock were exchanged, compared to its average volume of 1,050,552. Cogent Biosciences has a 12-month low of $4.28 and a 12-month high of $12.61. The firm has a 50 day moving average price of $8.61 and a two-hundred day moving average price of $9.67.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the firm posted ($0.64) earnings per share. On average, research analysts expect that Cogent Biosciences will post -2.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in COGT. Mirae Asset Global Investments Co. Ltd. grew its stake in Cogent Biosciences by 38.7% during the 3rd 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 during the last quarter. Verition Fund Management LLC grew its stake in Cogent Biosciences by 7.5% during the 3rd quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after purchasing an additional 2,176 shares during the last quarter. SkyView Investment Advisors LLC grew its stake in Cogent Biosciences by 25.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock valued at $105,000 after purchasing an additional 2,500 shares during the last quarter. Values First Advisors Inc. purchased a new stake in Cogent Biosciences during the 3rd quarter valued at about $32,000. Finally, Creative Planning grew its stake in Cogent Biosciences by 29.6% during the 3rd quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after purchasing an additional 3,272 shares during the last quarter.

Wall Street Analyst Weigh In

COGT has been the subject of a number of research analyst reports. Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. HC Wainwright reduced their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Citigroup boosted their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. boosted their price target 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, Wedbush reissued a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $14.33.

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.