Cogent Biosciences (NASDAQ:COGT) Trading Down 7.7% – Here’s What Happened

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) traded down 7.7% during trading on Monday . The stock traded as low as $5.93 and last traded at $5.98. 665,790 shares traded hands during trading, a decline of 46% from the average session volume of 1,236,360 shares. The stock had previously closed at $6.48.

Analyst Upgrades and Downgrades

COGT has been the subject of several research analyst reports. Wedbush reissued a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Robert W. Baird dropped their target price 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. Finally, Scotiabank assumed 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 target on the stock. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Price Performance

The firm’s fifty day moving average price is $7.78 and its 200-day moving average price is $9.03. The company has a market cap of $651.22 million, a price-to-earnings ratio of -2.31 and a beta of 1.80.

Institutional Inflows and Outflows

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

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.