Cogent Biosciences (NASDAQ:COGT) Trading Down 5.3% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price fell 5.3% during mid-day trading on Friday . The stock traded as low as $6.90 and last traded at $7.01. 600,882 shares were traded during trading, a decline of 52% from the average session volume of 1,253,638 shares. The stock had previously closed at $7.41.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on COGT. Needham & Company LLC reaffirmed a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Scotiabank started coverage on Cogent Biosciences in a report on Friday. They set a “sector outperform” rating and a $17.00 price target on the stock. JPMorgan Chase & Co. lifted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday, November 14th. Wedbush reiterated a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a report on Tuesday, February 25th. Finally, Robert W. Baird dropped their price target on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a report on Thursday, February 27th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.43.

Cogent Biosciences Price Performance

The stock has a market capitalization of $798.09 million, a P/E ratio of -2.83 and a beta of 1.81. The company has a 50 day simple moving average of $8.11 and a 200-day simple moving average of $9.47.

Institutional Trading of Cogent Biosciences

Hedge funds have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences in the fourth quarter valued at $78,000. Victory Capital Management Inc. bought a new stake in shares of Cogent Biosciences in the third quarter valued at $113,000. Hsbc Holdings PLC bought a new stake in shares of Cogent Biosciences in the fourth quarter valued at $81,000. KLP Kapitalforvaltning AS bought a new stake in shares of Cogent Biosciences in the fourth quarter valued at $88,000. Finally, E Fund Management Co. Ltd. bought a new stake in shares of Cogent Biosciences in the fourth quarter valued at $89,000.

About Cogent Biosciences

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.