Cogent Biosciences (NASDAQ:COGT) Stock Price Down 5.3% - What's Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) fell 5.3% during trading on Friday . The stock traded as low as $6.90 and last traded at $7.01. 600,882 shares changed hands during trading, a decline of 52% from the average session volume of 1,253,638 shares. The stock had previously closed at $7.41.

Analysts Set New Price Targets

COGT has been the topic of several recent research reports. Robert W. Baird lowered 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. HC Wainwright dropped their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Tuesday, January 14th. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Piper Sandler raised shares of Cogent Biosciences to a "strong-buy" rating in a research note on Friday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. Three analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $14.43.

Cogent Biosciences Stock Up 0.4 %

The firm has a market cap of $782.72 million, a price-to-earnings ratio of -2.77 and a beta of 1.80. The company's fifty day moving average is $8.09 and its 200 day moving average is $9.44.

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Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently bought and sold shares of the company. Balyasny Asset Management L.P. boosted its stake in Cogent Biosciences by 8.8% in the fourth quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company's stock valued at $162,000 after acquiring an additional 1,687 shares during the last quarter. Verition Fund Management LLC grew its holdings in shares of Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company's stock worth $337,000 after purchasing an additional 2,176 shares during the last quarter. New York State Common Retirement Fund grew its position in shares of Cogent Biosciences by 10.5% in the 4th 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 last quarter. China Universal Asset Management Co. Ltd. increased its position in shares of Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company's stock valued at $183,000 after buying an additional 2,371 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Cogent Biosciences by 15.4% during the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company's stock valued at $140,000 after buying an additional 2,396 shares during the period.

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.