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 April. As of April 15th, there was short interest totalling 12,470,000 shares, a growth 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 presently 5.9 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in COGT. FMR LLC boosted its position in shares of Cogent Biosciences by 1,322.5% during the 3rd quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after acquiring an additional 4,248,521 shares in the last quarter. Kynam Capital Management LP boosted its position in shares of Cogent Biosciences by 164.9% in 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. Frazier Life Sciences Management L.P. boosted its position in shares of Cogent Biosciences by 32.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after purchasing an additional 493,884 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of Cogent Biosciences by 204.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 592,492 shares of the technology company’s stock valued at $5,777,000 after purchasing an additional 397,765 shares during the period. Finally, SG Americas Securities LLC boosted its position in shares of Cogent Biosciences by 203.1% in the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after purchasing an additional 212,687 shares during the period.

Cogent Biosciences Stock Down 3.1 %

NASDAQ:COGT opened at $6.50 on Wednesday. The stock has a 50-day simple moving average of $6.80 and a 200-day simple moving average of $6.67. Cogent Biosciences has a 1 year low of $3.67 and a 1 year high of $13.50.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Monday, February 26th. The technology company reported ($0.63) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.55) by ($0.08). On average, equities analysts expect that Cogent Biosciences will post -1.89 earnings per share for the current year.

Analyst Ratings Changes

Several research firms recently issued reports on COGT. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a report on Tuesday, February 27th. Needham & Company LLC reissued a “buy” rating and set a $18.00 target price on shares of Cogent Biosciences in a research note on Monday, February 26th. Leerink Partnrs reissued an “outperform” rating on shares of Cogent Biosciences in a research note on Thursday, February 22nd. Wedbush boosted their target price on Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a research note on Friday, February 23rd. Finally, Citigroup boosted their target price on Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $13.67.

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.