Cogent Biosciences (NASDAQ:COGT) Stock Price Down 6.5%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price fell 6.5% during mid-day trading on Tuesday . The company traded as low as $8.23 and last traded at $8.23. 120,594 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 1,771,003 shares. The stock had previously closed at $8.80.

Analyst Ratings Changes

Several research analysts have recently commented on COGT shares. Citigroup lifted their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a report on Monday, February 26th. HC Wainwright restated a “buy” rating and set a $19.00 price objective on shares of Cogent Biosciences in a research note on Monday. Wedbush reiterated a “neutral” rating and issued a $10.00 target price on shares of Cogent Biosciences in a research note on Friday, May 24th. Needham & Company LLC restated a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a research report on Monday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Cogent Biosciences from $18.00 to $20.00 and gave the company an “overweight” rating in a research report on Tuesday, February 27th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Stock Performance

The company’s 50 day simple moving average is $7.55 and its 200 day simple moving average is $6.69. The stock has a market cap of $794.52 million, a price-to-earnings ratio of -3.32 and a beta of 1.60.

Cogent Biosciences (NASDAQ:COGT) last announced its 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). Sell-side analysts predict that Cogent Biosciences, Inc. will post -2.19 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Frazier Life Sciences Management L.P. lifted its holdings in Cogent Biosciences by 32.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after acquiring an additional 493,884 shares during the last quarter. FMR LLC boosted its holdings in Cogent Biosciences by 1,322.5% during the third quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after buying an additional 4,248,521 shares in the last quarter. Kynam Capital Management LP grew its position in Cogent Biosciences by 164.9% in the fourth 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. Rafferty Asset Management LLC increased its holdings in shares of Cogent Biosciences by 50.5% in the fourth quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after buying an additional 96,894 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Cogent Biosciences by 203.1% during the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after acquiring an additional 212,687 shares during the last quarter.

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.