Cogent Biosciences (NASDAQ:COGT) Trading Down 2.3% - Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price was down 2.3% during trading on Friday . The stock traded as low as $7.08 and last traded at $7.12. Approximately 353,748 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 1,246,722 shares. The stock had previously closed at $7.29.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on COGT shares. Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Robert W. Baird dropped their target price on Cogent Biosciences from $10.00 to $8.00 and set a "neutral" rating on the stock in a report on Thursday, February 27th. Scotiabank started coverage on Cogent Biosciences in a report on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price objective on the stock. HC Wainwright dropped their price objective on Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Tuesday, January 14th. Finally, Wedbush reaffirmed a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a report on Tuesday, February 25th. Three investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Cogent Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $14.43.

Cogent Biosciences Price Performance

The company has a 50 day moving average price of $8.04 and a 200 day moving average price of $9.34. The firm has a market cap of $825.41 million, a PE ratio of -2.92 and a beta of 1.80.

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Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in COGT. Victory Capital Management Inc. purchased a new stake in shares of Cogent Biosciences in the third quarter valued at about $113,000. Quest Partners LLC boosted its holdings in shares of Cogent Biosciences by 136.5% in the third quarter. Quest Partners LLC now owns 24,982 shares of the technology company's stock valued at $270,000 after acquiring an additional 14,421 shares in the last quarter. LMR Partners LLP purchased a new stake in shares of Cogent Biosciences in the third quarter valued at about $480,000. Intech Investment Management LLC purchased a new stake in shares of Cogent Biosciences in the third quarter valued at about $307,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company's stock valued at $8,919,000 after acquiring an additional 139,096 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.