Cogent Biosciences (NASDAQ:COGT) Trading Down 2.3% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price dropped 2.3% on Friday . The stock traded as low as $7.08 and last traded at $7.12. Approximately 353,748 shares traded hands during trading, a decline of 72% from the average daily volume of 1,246,722 shares. The stock had previously closed at $7.29.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Wedbush reaffirmed a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, February 25th. HC Wainwright lowered their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Robert W. Baird decreased their target price on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Scotiabank assumed coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price objective on the stock. Finally, Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Cogent Biosciences presently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Stock Down 2.1 %

The business has a fifty day moving average price of $8.05 and a 200 day moving average price of $9.37. The company has a market capitalization of $812.89 million, a P/E ratio of -2.88 and a beta of 1.80.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Barclays PLC boosted its holdings in shares of Cogent Biosciences by 124.8% during the 3rd 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. boosted its holdings in shares of Cogent Biosciences by 20.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after acquiring an additional 139,096 shares during the period. Geode Capital Management LLC grew its position in shares of Cogent Biosciences by 15.1% in the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after purchasing an additional 300,062 shares during the last quarter. Intech Investment Management LLC bought a new position in shares of Cogent Biosciences during the third quarter worth approximately $307,000. Finally, JPMorgan Chase & Co. lifted its holdings in Cogent Biosciences by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock worth $700,000 after purchasing an additional 5,720 shares during the last quarter.

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.