Cogent Biosciences (NASDAQ:COGT) Trading Down 4.9%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price fell 4.9% during trading on Tuesday . The stock traded as low as $8.48 and last traded at $8.50. 171,845 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,790,787 shares. The stock had previously closed at $8.94.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on COGT. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Thursday, June 27th. Wedbush reiterated a “neutral” rating and issued a $10.00 target price on shares of Cogent Biosciences in a research report on Friday, May 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $19.00 target price on shares of Cogent Biosciences in a research report on Monday, June 17th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $14.67.

Cogent Biosciences Trading Up 1.5 %

The company has a market cap of $799.30 million, a PE ratio of -3.37 and a beta of 1.71. The business’s 50-day simple moving average is $7.99 and its 200-day simple moving average is $6.85.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.62) EPS for the quarter, missing the consensus estimate of ($0.51) by ($0.11). On average, research analysts predict that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Farallon Capital Management LLC increased its stake in shares of Cogent Biosciences by 2,617.6% during the 1st quarter. Farallon Capital Management LLC now owns 462,000 shares of the technology company’s stock worth $3,105,000 after purchasing an additional 445,000 shares during the last quarter. California State Teachers Retirement System increased its stake in shares of Cogent Biosciences by 15.8% during the 1st quarter. California State Teachers Retirement System now owns 64,351 shares of the technology company’s stock worth $432,000 after purchasing an additional 8,804 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Cogent Biosciences by 12,785.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after purchasing an additional 2,083,065 shares during the last quarter. Kennedy Capital Management LLC grew its stake in Cogent Biosciences by 120.3% in the 1st quarter. Kennedy Capital Management LLC now owns 705,631 shares of the technology company’s stock valued at $4,742,000 after buying an additional 385,315 shares during the last quarter. Finally, Kynam Capital Management LP grew its stake in Cogent Biosciences by 45.2% in the 1st quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock valued at $57,120,000 after buying an additional 2,645,234 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.