Short Interest in Cogent Biosciences, Inc. (NASDAQ:COGT) Rises By 15.0%

Cogent Biosciences, Inc. (NASDAQ:COGT) was the recipient of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 12,470,000 shares, an increase of 15.0% from the March 31st total of 10,840,000 shares. Based on an average daily trading volume, of 2,100,000 shares, the days-to-cover ratio is currently 5.9 days.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on COGT shares. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research note on Monday, February 26th. Wedbush lifted their price objective on shares of Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research note on Friday, February 23rd. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Robert W. Baird reaffirmed a “neutral” rating and issued a $8.00 price target (down from $14.00) on shares of Cogent Biosciences in a research note on Monday, February 26th. Finally, Citigroup lifted their price target on Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. grew its position in Cogent Biosciences by 100.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 19,950 shares of the technology company’s stock worth $134,000 after acquiring an additional 9,989 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Cogent Biosciences by 48.5% in the fourth quarter. Fisher Asset Management LLC now owns 101,791 shares of the technology company’s stock worth $599,000 after purchasing an additional 33,222 shares in the last quarter. Sierra Summit Advisors LLC acquired a new position in Cogent Biosciences during the fourth quarter worth $331,000. Eventide Asset Management LLC raised its holdings in Cogent Biosciences by 3.9% during the fourth quarter. Eventide Asset Management LLC now owns 2,232,968 shares of the technology company’s stock valued at $13,130,000 after buying an additional 82,968 shares in the last quarter. Finally, Forefront Analytics LLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter worth about $117,000.

Cogent Biosciences Price Performance

COGT traded up $0.69 on Monday, reaching $6.71. 1,892,369 shares of the company traded hands, compared to its average volume of 2,009,556. The company has a market cap of $641.56 million, a price-to-earnings ratio of -2.80 and a beta of 1.50. The stock’s 50 day moving average price is $6.84 and its 200-day moving average price is $6.70. Cogent Biosciences has a 52-week low of $3.67 and a 52-week high of $13.50.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results on Monday, February 26th. The technology company reported ($0.63) EPS for the quarter, missing the consensus estimate of ($0.55) by ($0.08). As a group, equities research analysts forecast that Cogent Biosciences will post -1.89 earnings per share for the current fiscal year.

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.