Cogent Biosciences (NASDAQ:COGT) Shares Up 6.1% – Should You Buy?

Cogent Biosciences, Inc. (NASDAQ:COGT) shot up 6.1% on Tuesday . The company traded as high as $4.97 and last traded at $4.86. 148,609 shares were traded during trading, a decline of 88% from the average session volume of 1,260,346 shares. The stock had previously closed at $4.58.

Wall Street Analyst Weigh In

COGT has been the topic of a number of recent analyst reports. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Scotiabank started coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 target price for the company. Robert W. Baird reduced their price target on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research report on Thursday, February 27th. Finally, Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Price Performance

The company’s 50 day simple moving average is $6.63 and its 200 day simple moving average is $8.51. The firm has a market cap of $486.14 million, a price-to-earnings ratio of -1.72 and a beta of 1.67.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the stock. Balyasny Asset Management L.P. raised its position in shares of Cogent Biosciences by 8.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock worth $162,000 after acquiring an additional 1,687 shares in the last quarter. New York State Common Retirement Fund boosted its stake in shares of Cogent Biosciences by 10.5% during the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after buying an additional 2,200 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in Cogent Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after acquiring an additional 2,371 shares during the period. Teacher Retirement System of Texas grew its position in Cogent Biosciences by 15.4% in the 4th quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock valued at $140,000 after buying an additional 2,396 shares during the last quarter. Finally, MetLife Investment Management LLC increased its stake in shares of Cogent Biosciences by 6.3% during the fourth quarter. MetLife Investment Management LLC now owns 56,750 shares of the technology company’s stock worth $443,000 after acquiring an additional 3,382 shares during the period.

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.