Cogent Biosciences (NASDAQ:COGT) Stock Price Down 4.9%

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

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research note on Thursday, June 27th. Wedbush reiterated a “neutral” rating and set a $10.00 target price on shares of Cogent Biosciences in a report on Friday, May 24th. Finally, HC Wainwright reiterated a “buy” rating and set a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Stock Down 7.6 %

The company has a market capitalization of $789.74 million, a P/E ratio of -3.36 and a beta of 1.71. The business has a fifty day moving average price of $7.92 and a 200 day moving average price of $6.81.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, equities analysts forecast that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in COGT. Kynam Capital Management LP grew its position in shares of 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 valued at $34,426,000 after purchasing an additional 3,644,641 shares during the last quarter. Janus Henderson Group PLC grew its position in shares of Cogent Biosciences by 12,785.8% in the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the last quarter. Vanguard Group Inc. grew its position in Cogent Biosciences by 27.1% during the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after buying an additional 1,231,050 shares in the last quarter. Redmile Group LLC grew its position in Cogent Biosciences by 36.0% during the first quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock worth $26,629,000 after buying an additional 1,048,580 shares in the last quarter. Finally, Frazier Life Sciences Management L.P. grew its position in Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after buying an additional 493,884 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.