Cogent Biosciences (NASDAQ:COGT) Trading Down 8.3%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price was down 8.3% on Thursday . The stock traded as low as $5.95 and last traded at $6.00. Approximately 369,652 shares traded hands during trading, a decline of 82% from the average daily volume of 2,013,972 shares. The stock had previously closed at $6.54.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on COGT shares. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Robert W. Baird restated a “neutral” rating and issued a $8.00 price target (down from $14.00) on shares of Cogent Biosciences in a research report on Monday, February 26th. Citigroup boosted their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Monday, February 26th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.67.

Cogent Biosciences Price Performance

The company has a market capitalization of $574.62 million, a P/E ratio of -2.50 and a beta of 1.50. The stock’s 50 day simple moving average is $6.94 and its two-hundred day simple moving average is $6.78.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Monday, February 26th. The technology company reported ($0.63) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.08). As a group, equities research analysts expect that Cogent Biosciences, Inc. will post -1.89 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fisher Asset Management LLC raised its stake in shares of Cogent Biosciences by 48.5% during the fourth quarter. Fisher Asset Management LLC now owns 101,791 shares of the technology company’s stock worth $599,000 after buying an additional 33,222 shares during the last quarter. Sierra Summit Advisors LLC bought a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $331,000. Eventide Asset Management LLC raised its stake in shares of Cogent Biosciences by 3.9% during the fourth quarter. Eventide Asset Management LLC now owns 2,232,968 shares of the technology company’s stock worth $13,130,000 after buying an additional 82,968 shares during the last quarter. Forefront Analytics LLC bought a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $117,000. Finally, Frazier Life Sciences Management L.P. raised its stake in shares of Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after buying an additional 493,884 shares during the last quarter.

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.