Cogent Biosciences (NASDAQ:COGT) Trading Down 7.6% – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) fell 7.6% on Wednesday . The stock traded as low as $4.57 and last traded at $4.50. 117,863 shares were traded during trading, a decline of 91% from the average session volume of 1,261,807 shares. The stock had previously closed at $4.87.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Robert W. Baird dropped their price objective on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. HC Wainwright cut their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Finally, Wedbush reiterated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Stock Down 9.2 %

The company has a market capitalization of $503.22 million, a PE ratio of -1.78 and a beta of 1.67. The stock’s 50 day moving average is $6.72 and its two-hundred day moving average is $8.54.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently bought and sold shares of COGT. Hennion & Walsh Asset Management Inc. raised its position in shares of Cogent Biosciences by 9.9% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 302,481 shares of the technology company’s stock worth $1,812,000 after acquiring an additional 27,189 shares in the last quarter. Rhumbline Advisers boosted its holdings in shares of Cogent Biosciences by 3.9% in the 1st quarter. Rhumbline Advisers now owns 130,458 shares of the technology company’s stock valued at $781,000 after buying an additional 4,877 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Cogent Biosciences by 15.1% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 135,604 shares of the technology company’s stock worth $1,058,000 after buying an additional 17,741 shares during the last quarter. Woodline Partners LP lifted its position in Cogent Biosciences by 2.1% during the fourth quarter. Woodline Partners LP now owns 613,165 shares of the technology company’s stock valued at $4,783,000 after acquiring an additional 12,589 shares during the last quarter. Finally, Tema Etfs LLC purchased a new position in Cogent Biosciences in the fourth quarter worth $405,000.

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.