Cogent Biosciences (NASDAQ:COGT) Trading Down 5.1% – Here’s What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT) fell 5.1% during mid-day trading on Tuesday . The stock traded as low as $7.01 and last traded at $7.03. 153,657 shares were traded during trading, a decline of 87% from the average session volume of 1,214,344 shares. The stock had previously closed at $7.40.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. HC Wainwright lowered their price objective 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. Scotiabank assumed coverage on Cogent Biosciences in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 target price for the company. Piper Sandler upgraded Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Finally, Wedbush reissued a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $14.43.

Cogent Biosciences Trading Up 2.2 %

The stock has a market capitalization of $752.55 million, a PE ratio of -2.67 and a beta of 1.80. The firm’s fifty day moving average is $7.93 and its 200-day moving average is $9.17.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. acquired a new position in Cogent Biosciences during the third quarter worth $113,000. Quest Partners LLC lifted its stake in Cogent Biosciences by 136.5% during the 3rd quarter. Quest Partners LLC now owns 24,982 shares of the technology company’s stock worth $270,000 after acquiring an additional 14,421 shares in the last quarter. Intech Investment Management LLC acquired a new position in Cogent Biosciences in the 3rd quarter valued at about $307,000. Charles Schwab Investment Management Inc. increased its stake in 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 purchasing an additional 139,096 shares during the period. Finally, Algert Global LLC lifted its position in shares of Cogent Biosciences by 14.0% during the third quarter. Algert Global LLC now owns 179,025 shares of the technology company’s stock worth $1,933,000 after purchasing an additional 21,991 shares in 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.