Cogent Biosciences (NASDAQ:COGT) Sets New 12-Month Low - Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s share price reached a new 52-week low during trading on Tuesday . The company traded as low as $5.66 and last traded at $5.63, with a volume of 53324 shares traded. The stock had previously closed at $5.99.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. Piper Sandler upgraded Cogent Biosciences to a "strong-buy" rating in a research note on Friday, March 7th. Needham & Company LLC restated 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 on the stock in a report on Thursday, February 27th. HC Wainwright cut their price objective on Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Finally, Scotiabank assumed coverage on shares of Cogent Biosciences in a research note on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price on the stock. Three investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.43.

Cogent Biosciences Stock Performance

The company has a market cap of $543.06 million, a P/E ratio of -1.92 and a beta of 1.67. The stock has a 50-day moving average of $7.66 and a two-hundred day moving average of $8.98.

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Institutional Investors Weigh In On Cogent Biosciences

Large investors have recently made changes to their positions in the business. Barclays PLC lifted its stake in Cogent Biosciences by 124.8% in the third quarter. Barclays PLC now owns 175,684 shares of the technology company's stock worth $1,897,000 after acquiring an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in shares of Cogent Biosciences by 20.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company's stock valued at $8,919,000 after purchasing an additional 139,096 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Cogent Biosciences by 15.1% during the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock valued at $24,638,000 after buying an additional 300,062 shares during the period. New York State Common Retirement Fund lifted its holdings in Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company's stock worth $180,000 after buying an additional 2,200 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Cogent Biosciences during the 3rd quarter worth approximately $307,000.

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.