Cogent Biosciences (NASDAQ:COGT) Trading Down 3.3%

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s share price was down 3.3% during mid-day trading on Thursday . The company traded as low as $10.32 and last traded at $10.36. Approximately 57,497 shares were traded during trading, a decline of 96% from the average daily volume of 1,508,278 shares. The stock had previously closed at $10.71.

Wall Street Analyst Weigh In

A number of brokerages have commented on COGT. Robert W. Baird lifted their price objective on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday, September 5th. HC Wainwright reduced their price objective on Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday, September 3rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Cogent Biosciences in a research note on Wednesday, August 7th. JPMorgan Chase & Co. cut their target price on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 7th. Finally, Wedbush reaffirmed a "neutral" rating and set a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $14.67.

Cogent Biosciences Price Performance

The stock's fifty day moving average price is $9.58 and its 200 day moving average price is $8.17. The stock has a market capitalization of $981.95 million, a P/E ratio of -4.14 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts' consensus estimates of ($0.56) by ($0.03). During the same period last year, the firm earned ($0.59) EPS. On average, sell-side analysts expect that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in COGT. Point72 Asset Management L.P. raised its holdings in shares of Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company's stock valued at $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Kynam Capital Management LP raised its stake in Cogent Biosciences by 164.9% in the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company's stock worth $34,426,000 after buying an additional 3,644,641 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its holdings in Cogent Biosciences by 144.0% during the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company's stock worth $31,564,000 after buying an additional 2,209,918 shares during the period. Janus Henderson Group PLC boosted its position in Cogent Biosciences by 12,785.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company's stock valued at $14,097,000 after acquiring an additional 2,083,065 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Cogent Biosciences by 27.1% during the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company's stock valued at $38,746,000 after acquiring an additional 1,231,050 shares in the last quarter.

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.