Cogent Biosciences (NASDAQ:COGT) Shares Down 7.6% - Here's Why

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares fell 7.6% during trading on Wednesday . The company traded as low as $4.57 and last traded at $4.50. 117,863 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 1,261,807 shares. The stock had previously closed at $4.87.

Analyst Upgrades and Downgrades

COGT has been the subject of several recent analyst reports. HC Wainwright dropped their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a "buy" rating for the company in a report on Tuesday, January 14th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Robert W. Baird dropped their price target on Cogent Biosciences from $10.00 to $8.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. Scotiabank began coverage on shares of Cogent Biosciences in a report on Friday, March 7th. They issued a "sector outperform" rating and a $17.00 target price for the company. Finally, Piper Sandler upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research report on Friday, March 7th. Three 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 company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $14.43.

Cogent Biosciences Price Performance

The stock has a market capitalization of $489.56 million, a P/E ratio of -1.73 and a beta of 1.67. The stock's fifty day moving average price is $6.46 and its 200 day moving average price is $8.39.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Barclays PLC lifted its holdings in Cogent Biosciences by 124.8% during the third quarter. Barclays PLC now owns 175,684 shares of the technology company's stock worth $1,897,000 after buying an additional 97,541 shares during the period. Geode Capital Management LLC boosted its holdings in Cogent Biosciences by 15.1% in 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 purchasing an additional 300,062 shares during the last quarter. New York State Common Retirement Fund grew its stake in shares of Cogent Biosciences by 10.5% during the 4th quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company's stock worth $180,000 after purchasing an additional 2,200 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Cogent Biosciences by 9.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company's stock valued at $700,000 after purchasing an additional 5,720 shares in the last quarter. Finally, Alliancebernstein L.P. raised its position in Cogent Biosciences by 466.6% during the fourth quarter. Alliancebernstein L.P. now owns 464,942 shares of the technology company's stock worth $3,627,000 after acquiring an additional 382,882 shares during the period.

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.