Cogent Biosciences (NASDAQ:COGT) Shares Down 5.1% – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT) shares dropped 5.1% during mid-day trading on Tuesday . The company traded as low as $7.01 and last traded at $7.03. Approximately 153,657 shares changed hands during trading, a decline of 87% from the average daily volume of 1,214,344 shares. The stock had previously closed at $7.40.

Analyst Ratings Changes

Several analysts have weighed in on COGT shares. Robert W. Baird dropped their target price 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. HC Wainwright decreased their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Scotiabank initiated coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price objective on the stock. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Stock Down 6.8 %

The firm has a market cap of $785.57 million, a price-to-earnings ratio of -2.78 and a beta of 1.80. The stock has a fifty day moving average price of $7.97 and a 200-day moving average price of $9.21.

Institutional Investors Weigh In On Cogent Biosciences

A number of large investors have recently added to or reduced their stakes in the business. FMR LLC boosted its stake in shares of Cogent Biosciences by 99.2% during the fourth quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock valued at $129,240,000 after acquiring an additional 8,249,845 shares during the last quarter. Octagon Capital Advisors LP boosted its holdings in Cogent Biosciences by 111.7% in the fourth quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock valued at $21,551,000 after acquiring an additional 1,458,000 shares during the last quarter. SG Americas Securities LLC grew its position in Cogent Biosciences by 2,865.3% during the fourth quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock valued at $7,525,000 after acquiring an additional 932,179 shares during the period. Walleye Capital LLC acquired a new stake in Cogent Biosciences during the third quarter worth about $6,019,000. Finally, Springhill Fund Asset Management HK Co Ltd purchased a new position in shares of Cogent Biosciences in the 4th quarter worth about $4,279,000.

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.