Cogent Biosciences (NASDAQ:COGT) Stock Price Down 7.7% – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares traded down 7.7% during mid-day trading on Monday . The stock traded as low as $5.93 and last traded at $5.98. 665,790 shares traded hands during trading, a decline of 46% from the average session volume of 1,236,360 shares. The stock had previously closed at $6.48.

Wall Street Analyst Weigh In

A number of analysts recently commented on COGT shares. Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a research note on Friday, March 7th. Wedbush reissued a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. Robert W. Baird lowered their price target on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Finally, Scotiabank assumed coverage on Cogent Biosciences in a report on Friday, March 7th. They issued a “sector outperform” rating and a $17.00 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.43.

Cogent Biosciences Stock Down 7.6 %

The stock has a market cap of $681.96 million, a PE ratio of -2.42 and a beta of 1.80. The business has a 50 day moving average price of $7.87 and a 200 day moving average price of $9.09.

Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company’s stock worth $129,240,000 after acquiring an additional 8,249,845 shares in the last quarter. Octagon Capital Advisors LP raised its holdings in Cogent Biosciences by 111.7% in the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company’s stock worth $21,551,000 after purchasing an additional 1,458,000 shares during the period. SG Americas Securities LLC boosted its position in Cogent Biosciences by 2,865.3% during the fourth quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock worth $7,525,000 after purchasing an additional 932,179 shares in the last quarter. Walleye Capital LLC acquired a new stake in Cogent Biosciences in the third quarter valued at approximately $6,019,000. Finally, Springhill Fund Asset Management HK Co Ltd purchased a new stake in shares of Cogent Biosciences in the fourth quarter valued at approximately $4,279,000.

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.