Cogent Biosciences (NASDAQ:COGT) Shares Gap Up – Time to Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) gapped up prior to trading on Wednesday . The stock had previously closed at $7.37, but opened at $8.00. Cogent Biosciences shares last traded at $8.31, with a volume of 672,938 shares trading hands.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the company. Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Citigroup lifted their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Monday. Finally, HC Wainwright reduced their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Trading Up 8.8 %

The firm has a 50 day simple moving average of $8.74 and a 200 day simple moving average of $9.69. The firm has a market capitalization of $885.91 million, a PE ratio of -3.23 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period in the prior year, the company earned ($0.64) earnings per share. Research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently bought and sold shares of COGT. Rhumbline Advisers increased its stake in Cogent Biosciences by 9.6% in the 2nd quarter. Rhumbline Advisers now owns 130,516 shares of the technology company’s stock worth $1,100,000 after buying an additional 11,383 shares in the last quarter. Quest Partners LLC purchased a new stake in Cogent Biosciences in the 2nd quarter worth $89,000. Sofinnova Investments Inc. increased its stake in Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares in the last quarter. Cubist Systematic Strategies LLC increased its stake in Cogent Biosciences by 34.7% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,660 shares of the technology company’s stock worth $1,135,000 after buying an additional 34,655 shares in the last quarter. Finally, Point72 Asset Management L.P. increased 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 worth $126,335,000 after buying an additional 8,310,150 shares in 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.