Cogent Biosciences (NASDAQ:COGT) Shares Down 6%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price was down 6% during mid-day trading on Monday . The stock traded as low as $11.00 and last traded at $11.05. Approximately 231,428 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 679,996 shares. The stock had previously closed at $11.76.

Analysts Set New Price Targets

COGT has been the subject of several analyst reports. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Cogent Biosciences in a research report on Tuesday, September 5th. HC Wainwright reaffirmed a “buy” rating and set a $27.00 target price on shares of Cogent Biosciences in a research note on Wednesday, August 30th. Finally, Wedbush reissued an “outperform” rating and issued a $20.00 price target on shares of Cogent Biosciences in a research note on Tuesday, August 8th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Cogent Biosciences presently has a consensus rating of “Buy” and an average price target of $22.50.

Cogent Biosciences Stock Performance

The stock has a market capitalization of $922.97 million, a P/E ratio of -5.06 and a beta of 1.68. The business has a 50-day moving average price of $12.22 and a 200 day moving average price of $11.76.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, August 8th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.06). As a group, research analysts forecast that Cogent Biosciences, Inc. will post -2.13 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of COGT. RA Capital Management L.P. lifted its position in Cogent Biosciences by 6.9% during the second quarter. RA Capital Management L.P. now owns 6,416,147 shares of the technology company’s stock valued at $75,967,000 after purchasing an additional 416,666 shares during the period. TCG Crossover Management LLC grew its stake in Cogent Biosciences by 55.1% during the second quarter. TCG Crossover Management LLC now owns 5,631,042 shares of the technology company’s stock valued at $66,672,000 after acquiring an additional 2,000,000 shares in the last quarter. Commodore Capital LP increased its holdings in Cogent Biosciences by 16.6% in the 2nd quarter. Commodore Capital LP now owns 5,566,026 shares of the technology company’s stock valued at $65,902,000 after acquiring an additional 793,605 shares during the last quarter. BlackRock Inc. lifted its stake in Cogent Biosciences by 8.6% in the 2nd quarter. BlackRock Inc. now owns 5,477,662 shares of the technology company’s stock worth $64,856,000 after purchasing an additional 435,592 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its holdings in shares of Cogent Biosciences by 109.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 4,685,054 shares of the technology company’s stock valued at $55,471,000 after purchasing an additional 2,448,354 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 exon 17 mutations found within the 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.