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

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

Analyst Ratings Changes

Several research analysts have commented on the company. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Wedbush reissued a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Robert W. Baird dropped their price target on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Scotiabank initiated coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price objective for the company. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Price Performance

The firm has a market cap of $785.57 million, a P/E ratio of -2.78 and a beta of 1.80. The firm’s 50-day moving average price is $7.97 and its 200 day moving average price is $9.21.

Institutional Investors Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the company. Barclays PLC raised its position in shares of Cogent Biosciences by 124.8% during the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock worth $1,897,000 after purchasing an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. grew its position in Cogent Biosciences by 20.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after purchasing an additional 139,096 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Cogent Biosciences by 15.1% during the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after buying an additional 300,062 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Cogent Biosciences by 10.5% in the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock worth $180,000 after buying an additional 2,200 shares in the last quarter. Finally, Intech Investment Management LLC acquired a new stake in Cogent Biosciences in the 3rd quarter valued at approximately $307,000.

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.