Cogent Biosciences (NASDAQ:COGT) Trading Down 6.6%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price dropped 6.6% during mid-day trading on Friday . The company traded as low as $10.49 and last traded at $10.50. Approximately 537,577 shares were traded during trading, a decline of 65% from the average daily volume of 1,525,060 shares. The stock had previously closed at $11.24.

Analyst Upgrades and Downgrades

COGT has been the subject of several analyst reports. JPMorgan Chase & Co. cut their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research note on Wednesday, August 7th. Robert W. Baird raised their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday. HC Wainwright decreased their target price on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a report on Tuesday. Wedbush reissued a “neutral” rating and issued a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a report on Tuesday. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a report on Wednesday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Trading Down 6.9 %

The business’s fifty day moving average price is $9.36 and its 200-day moving average price is $8.09. The company has a market capitalization of $1.00 billion, a P/E ratio of -4.53 and a beta of 1.71.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same period in the prior year, the firm posted ($0.59) EPS. As a group, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of COGT. Point72 Asset Management L.P. raised its stake in shares of Cogent Biosciences by 124.5% during the second quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after acquiring an additional 8,310,150 shares during the last quarter. Kynam Capital Management LP grew its position in shares of Cogent Biosciences by 164.9% in the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock worth $34,426,000 after buying an additional 3,644,641 shares during the last quarter. Deerfield Management Company L.P. Series C increased its stake in shares of Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after buying an additional 2,209,918 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after acquiring an additional 2,083,065 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after acquiring an additional 1,231,050 shares during the period.

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.