Cogent Biosciences (NASDAQ:COGT) Shares Gap Up – Should You Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price gapped up before the market opened on Monday . The stock had previously closed at $5.44, but opened at $5.77. Cogent Biosciences shares last traded at $5.32, with a volume of 375,805 shares changing hands.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on COGT shares. Wedbush reaffirmed a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Piper Sandler raised Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. HC Wainwright cut their target price on Cogent Biosciences from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Tuesday, May 20th. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $21.00 to $25.00 and gave the stock an “overweight” rating in a report on Thursday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $14.57.

Cogent Biosciences Price Performance

The firm has a market cap of $604.01 million, a PE ratio of -2.13 and a beta of 1.91. The company has a 50 day simple moving average of $4.97 and a 200-day simple moving average of $7.08.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.04. On average, sell-side analysts predict that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of institutional investors have recently made changes to their positions in the stock. FMR LLC lifted its stake in Cogent Biosciences by 99.2% in the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after acquiring an additional 8,249,845 shares during the period. Paradigm Biocapital Advisors LP lifted its stake in Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company’s stock worth $53,692,000 after acquiring an additional 4,046,243 shares during the period. Vanguard Group Inc. lifted its stake in Cogent Biosciences by 7.3% in the fourth quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company’s stock worth $47,840,000 after acquiring an additional 418,975 shares during the period. Adage Capital Partners GP L.L.C. lifted its stake in Cogent Biosciences by 5.8% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company’s stock worth $33,540,000 after acquiring an additional 233,966 shares during the period. Finally, Vestal Point Capital LP purchased a new stake in Cogent Biosciences in the first quarter worth $17,970,000.

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.