Cogent Biosciences (NASDAQ:COGT) Trading Down 5.7% - Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) shares dropped 5.7% on Friday . The stock traded as low as $5.20 and last traded at $5.20. Approximately 61,233 shares traded hands during mid-day trading, a decline of 95% from the average daily volume of 1,266,284 shares. The stock had previously closed at $5.51.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on COGT shares. Scotiabank began coverage on shares of Cogent Biosciences in a research note on Friday, March 7th. They set a "sector outperform" rating and a $17.00 price target on the stock. JPMorgan Chase & Co. boosted their target price on shares of Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a report on Thursday, May 29th. HC Wainwright cut their price target on Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating for the company in a report on Tuesday, May 20th. Wedbush reiterated a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Finally, Piper Sandler raised Cogent Biosciences to a "strong-buy" rating in a report on Friday, March 7th. Three investment 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 stock. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of "Moderate Buy" and an average price target of $14.57.

Cogent Biosciences Price Performance

The stock has a market cap of $659.23 million, a P/E ratio of -2.33 and a beta of 1.91. The firm's fifty day moving average price is $4.95 and its two-hundred day moving average price is $7.05.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The technology company reported ($0.52) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.04. On average, research analysts expect that Cogent Biosciences, Inc. will post -2.42 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 the stock. FMR LLC lifted its position in Cogent Biosciences by 99.2% in the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock worth $129,240,000 after buying an additional 8,249,845 shares during the last quarter. Paradigm Biocapital Advisors LP lifted 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 worth $53,692,000 after acquiring an additional 4,046,243 shares during the period. Vestal Point Capital LP bought a new stake in shares of Cogent Biosciences during the 1st quarter valued at about $17,970,000. Octagon Capital Advisors LP boosted its position in Cogent Biosciences by 111.7% during the 4th quarter. Octagon Capital Advisors LP now owns 2,763,000 shares of the technology company's stock valued at $21,551,000 after acquiring an additional 1,458,000 shares in the last quarter. Finally, Woodline Partners LP grew its holdings in shares of Cogent Biosciences by 175.2% during the 1st quarter. Woodline Partners LP now owns 1,687,540 shares of the technology company's stock worth $10,108,000 after acquiring an additional 1,074,375 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.