Cogent Biosciences (NASDAQ:COGT) Stock Price Down 2.3% – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares traded down 2.3% during mid-day trading on Friday . The stock traded as low as $7.08 and last traded at $7.12. 353,748 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 1,246,722 shares. The stock had previously closed at $7.29.

Wall Street Analyst Weigh In

Several research firms have issued reports on COGT. Robert W. Baird cut their price target on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. HC Wainwright decreased their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Scotiabank assumed coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price target for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Stock Performance

The firm’s 50-day moving average price is $8.05 and its two-hundred day moving average price is $9.37. The firm has a market cap of $812.89 million, a PE ratio of -2.88 and a beta of 1.80.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors have recently added to or reduced their stakes in COGT. Victory Capital Management Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at about $113,000. Quest Partners LLC boosted its holdings in shares of Cogent Biosciences by 136.5% during the third quarter. Quest Partners LLC now owns 24,982 shares of the technology company’s stock worth $270,000 after purchasing an additional 14,421 shares during the last quarter. LMR Partners LLP purchased a new stake in Cogent Biosciences in the 3rd quarter valued at about $480,000. Intech Investment Management LLC acquired a new position in Cogent Biosciences during the third quarter worth approximately $307,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Cogent Biosciences by 20.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after acquiring an additional 139,096 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.