Cogent Biosciences (NASDAQ:COGT) Trading Down 8.3%

Cogent Biosciences, Inc. (NASDAQ:COGT) was down 8.3% during mid-day trading on Thursday . The stock traded as low as $5.95 and last traded at $6.00. Approximately 369,652 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 2,013,972 shares. The stock had previously closed at $6.54.

Analysts Set New Price Targets

Several analysts have recently issued reports on COGT shares. Leerink Partnrs reissued an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. Citigroup boosted their price target on shares of Cogent Biosciences from $11.00 to $13.00 and gave the company a “buy” rating in a research report on Monday, February 26th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research report on Monday, February 26th. Wedbush boosted their price target on shares of Cogent Biosciences from $5.00 to $10.00 and gave the company a “neutral” rating in a research report on Friday, February 23rd. Finally, Robert W. Baird reissued a “neutral” rating and issued a $8.00 price target (down previously from $14.00) on shares of Cogent Biosciences in a research report on Monday, February 26th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $13.67.

Cogent Biosciences Stock Performance

The stock’s fifty day moving average is $6.88 and its two-hundred day moving average is $6.76.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Monday, February 26th. The technology company reported ($0.63) EPS for the quarter, missing analysts’ consensus estimates of ($0.55) by ($0.08). On average, analysts forecast that Cogent Biosciences, Inc. will post -1.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors have recently made changes to their positions in COGT. FMR LLC increased its holdings in shares of Cogent Biosciences by 1,322.5% in the 3rd quarter. FMR LLC now owns 4,569,781 shares of the technology company’s stock worth $44,555,000 after buying an additional 4,248,521 shares during the last quarter. Kynam Capital Management LP increased its holdings in shares of Cogent Biosciences by 164.9% in the 4th 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 during the last quarter. Frazier Life Sciences Management L.P. boosted its stake in shares of Cogent Biosciences by 32.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after purchasing an additional 493,884 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Cogent Biosciences by 204.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 592,492 shares of the technology company’s stock valued at $5,777,000 after purchasing an additional 397,765 shares in the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of Cogent Biosciences by 203.1% in the 4th quarter. SG Americas Securities LLC now owns 317,409 shares of the technology company’s stock valued at $1,866,000 after purchasing an additional 212,687 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.