Analysts' average price target for Cogent Biosciences is $51.56
The price target sits well above the current price, and options are leaning toward calls, which broadly fits the bullish tone without confirming it.
Defense World · 10/01
Undercurrent · Money-flow snapshot
COGT Max Pain, Dark Pool & Options Flow
COGT max pain for the Oct 16, 2026 expiry is $32, from the Fri Oct 9 options chain. The last price, $31, is 3.1% below it. Call wall $35 · put floor $30.
What the institutional money is doing on COGT right now — dark pool, options positioning, and where the news and the money disagree. Free.
The money right now
Dark pool share
44.8% (market avg 52%)
Dark pool volume vs its norm
1.3×
Short share of that
40.1% (norm 50%)
Price
$31
Max pain
$32
Oct 16 exp
Call wall
$35
Oct 16 exp
Put floor
$30
Oct 16 exp
Put/Call ratio
0.29
Squeeze pressure
20
Dark pool share: Off-exchange volume ran 1.3× its norm — and only 40% vs a 50% norm of it was short
Off-exchange prints never touch the public book, so they move size without moving the quote. That is the point of using them. Volume rose while the short share stayed low, meaning most of that extra size was not sell-side. This is what quiet accumulation looks like on the tape.
Source: FINRA · Fri 10/9 close
What it means: Off-exchange trading in COGT was about 45% of volume on Oct 9, roughly 1.3x its usual 20-day level, and the short share of that volume sat below its norm, which points to quiet accumulation. Options lean call-heavy, but no new positions were recorded, so the signal is moderate.
News vs the money
FDA accepts Cogent's application to market bezuclastinib for advanced mastocytosis
Good news lines up with the call-leaning options and the apparent quiet buying, so the money and the news point the same way.
GlobeNewsWire · 09/15
Cogent could get three drug approvals, giving it an early market lead
The optimistic outlook matches the call-leaning options, though no new large positions were recorded to confirm it.
Seeking Alpha · 08/27
Deutsche Bank took a new stake of about $10.3 million in Cogent
A big bank's new stake supports the accumulation picture seen in the trading data, though the filing is from an earlier quarter.
Defense World · 08/24
Handelsbanken Fonder bought a new Cogent stake
The new fund stake is consistent with the quiet accumulation in the trading data, though it is also from an older filing.
Defense World · 08/18
See it live, free
Get Undercurrent — the news behind the money →Add COGT to My Watchlist in the free SIGNUM HQ app (iPhone · Android) →New to this? Why'd It Move? turns today's move into a 60-second lesson →What is a “divergence”?
A divergence is when the news narrative and the institutional money flow point in opposite directions — a bearish headline while large call premium is bought, or heavy dark-pool selling under a bullish story. It signals the crowd and the desks may disagree.
How to read these numbers
Dark-pool volume — The share of trading executed off-exchange, at wholesalers and dark pools. About half of all US share volume prints there on an ordinary day, so the level by itself says almost nothing. What carries information is the distance from this name’s own recent norm, and whether the off-exchange size ran above its usual.
Off-exchange short share — How much of that off-exchange volume was sold short. The median across all listed names is about 49%, because wholesalers filling retail buy orders sell short and cover later. A reading near half is plumbing, not a bearish vote — compare it to the same name’s own 20-day norm.
Max pain — The price where the most options expire worthless — positioning often gravitates toward it near expiry.
Call wall / Put floor — Strikes with the heaviest call/put open interest — they often act as short-term resistance and support.
Put/Call ratio — Below ~0.7 leans bullish (more calls); above ~1 leans defensive (more puts).
Nearby tickers
Today’s off-exchange leaders → · See all tickers →Today’s rankings — what broke from normal
Learn the numbers