Cogent Biosciences (NASDAQ:COGT) Trading Down 5.1% – Here’s What Happened

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

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on COGT shares. Wedbush restated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Piper Sandler raised Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. HC Wainwright dropped their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Finally, Robert W. Baird cut their target price on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Three 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 data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Trading Up 2.2 %

The firm’s fifty day moving average is $7.93 and its 200 day moving average is $9.17. The company has a market cap of $752.55 million, a PE ratio of -2.67 and a beta of 1.80.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Schonfeld Strategic Advisors LLC purchased a new stake in Cogent Biosciences during the 4th quarter worth approximately $78,000. Hsbc Holdings PLC acquired a new stake in shares of Cogent Biosciences in the fourth quarter worth approximately $81,000. KLP Kapitalforvaltning AS purchased a new stake in shares of Cogent Biosciences during the fourth quarter worth approximately $88,000. E Fund Management Co. Ltd. acquired a new position in Cogent Biosciences in the 4th quarter valued at $89,000. Finally, Proficio Capital Partners LLC purchased a new position in Cogent Biosciences in the 4th quarter valued at $93,000.

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.