Cogent Biosciences (NASDAQ:COGT) Reaches New 1-Year Low – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price hit a new 52-week low during trading on Tuesday . The company traded as low as $5.66 and last traded at $5.63, with a volume of 53324 shares traded. The stock had previously closed at $5.99.

Wall Street Analyst Weigh In

Several research firms have recently commented on COGT. Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Scotiabank began coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price objective on the stock. HC Wainwright reduced their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Wedbush restated a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Finally, Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. Three investment 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.43.

Cogent Biosciences Stock Down 1.2 %

The firm has a fifty day moving average of $7.73 and a 200-day moving average of $9.01. The stock has a market capitalization of $651.22 million, a price-to-earnings ratio of -2.31 and a beta of 1.67.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Schonfeld Strategic Advisors LLC purchased a new position in Cogent Biosciences during the 4th quarter valued at about $78,000. Hsbc Holdings PLC purchased a new position in shares of Cogent Biosciences during the 4th quarter worth approximately $81,000. KLP Kapitalforvaltning AS acquired a new position in shares of Cogent Biosciences during the 4th quarter worth approximately $88,000. E Fund Management Co. Ltd. purchased a new stake in Cogent Biosciences in the 4th quarter valued at approximately $89,000. Finally, Proficio Capital Partners LLC acquired a new stake in Cogent Biosciences during the 4th quarter valued at $93,000.

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.