Cogent Biosciences (NASDAQ:COGT) Stock Price Down 5.5% - What's Next?

Key Points

• Cogent Biosciences stock dropped 5.5% on Friday, with shares trading at $12.02, marking a significant decline in both share price and trading volume compared to its average.
• Multiple analysts have recently upgraded Cogent's stock ratings, with price targets raised to between $20.00 and $30.00, and a current consensus rating of "Moderate Buy."
• Director Fairmount Funds Management purchased over 2.7 million shares for approximately $25 million, indicating strong insider confidence in the company's potential.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price dropped 5.5% on Friday . The company traded as low as $12.02 and last traded at $12.02. Approximately 620,128 shares were traded during trading, a decline of 68% from the average daily volume of 1,918,511 shares. The stock had previously closed at $12.72.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on COGT shares. Leerink Partners raised their price target on Cogent Biosciences from $16.00 to $18.00 and gave the stock an "outperform" rating in a research note on Monday, July 7th. Robert W. Baird lifted their price objective on Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a report on Tuesday, July 8th. Needham & Company LLC reiterated a "hold" rating on shares of Cogent Biosciences in a report on Tuesday, June 17th. Guggenheim boosted their price target on Cogent Biosciences from $17.00 to $20.00 and gave the company a "buy" rating in a research note on Monday, August 25th. Finally, Wedbush reiterated a "neutral" rating and set a $10.00 price objective on shares of Cogent Biosciences in a research note on Monday, June 30th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Cogent Biosciences has an average rating of "Moderate Buy" and a consensus target price of $20.00.

Cogent Biosciences Stock Performance

The company has a 50-day moving average price of $12.04 and a 200-day moving average price of $8.19. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -6.72 and a beta of 0.35.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The technology company reported ($0.53) EPS for the quarter, beating the consensus estimate of ($0.55) by $0.02. On average, research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Insider Buying and Selling at Cogent Biosciences

In related news, Director Fairmount Funds Management Llc acquired 2,777,777 shares of the business's stock in a transaction on Thursday, July 10th. The shares were bought at an average cost of $9.00 per share, with a total value of $24,999,993.00. Following the completion of the transaction, the director directly owned 9,003,418 shares of the company's stock, valued at $81,030,762. This trade represents a 44.62% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.29% of the company's stock.

Institutional Trading of Cogent Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of COGT. Paradigm Biocapital Advisors LP boosted its stake in Cogent Biosciences by 82.3% in the first quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock valued at $53,692,000 after acquiring an additional 4,046,243 shares during the period. Vestal Point Capital LP boosted its stake in Cogent Biosciences by 2.7% in the second quarter. Vestal Point Capital LP now owns 3,080,000 shares of the technology company's stock valued at $22,114,000 after acquiring an additional 80,000 shares during the period. Geode Capital Management LLC boosted its stake in Cogent Biosciences by 10.6% in the second quarter. Geode Capital Management LLC now owns 2,672,113 shares of the technology company's stock valued at $19,189,000 after acquiring an additional 256,259 shares during the period. Saturn V Capital Management LP boosted its stake in Cogent Biosciences by 55.2% in the second quarter. Saturn V Capital Management LP now owns 2,297,524 shares of the technology company's stock valued at $16,496,000 after acquiring an additional 817,504 shares during the period. Finally, Frazier Life Sciences Management L.P. boosted its stake in Cogent Biosciences by 85.2% in the second quarter. Frazier Life Sciences Management L.P. now owns 1,734,601 shares of the technology company's stock valued at $12,454,000 after acquiring an additional 798,025 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.