Cogent Biosciences (NASDAQ:COGT) Shares Down 5.7% - Here's Why

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price was down 5.7% during trading on Friday . The company traded as low as $5.20 and last traded at $5.20. Approximately 61,233 shares changed 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 Analyst Weigh In

A number of equities research analysts have recently commented on COGT shares. JPMorgan Chase & Co. upped their price objective on shares of Cogent Biosciences from $21.00 to $25.00 and gave the company an "overweight" rating in a research note on Thursday. Needham & Company LLC reaffirmed a "hold" rating on shares of Cogent Biosciences in a research note on Wednesday, February 26th. Piper Sandler upgraded shares of Cogent Biosciences to a "strong-buy" rating in a research report on Friday, March 7th. HC Wainwright dropped their target price on shares of Cogent Biosciences from $14.00 to $12.00 and set a "buy" rating on the stock in a research report on Tuesday, May 20th. Finally, Wedbush reiterated a "neutral" rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $14.57.

Cogent Biosciences Stock Down 2.4%

The company has a market capitalization of $612.55 million, a P/E ratio of -2.17 and a beta of 1.91. The firm's 50-day moving average price is $4.97 and its 200 day moving average price is $7.08.

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 analysts' consensus estimates of ($0.56) by $0.04. As a group, equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors have recently added to or reduced their stakes in COGT. FMR LLC grew its position in shares of Cogent Biosciences by 99.2% during the 4th quarter. FMR LLC now owns 16,569,256 shares of the technology company's stock valued at $129,240,000 after acquiring an additional 8,249,845 shares during the period. Paradigm Biocapital Advisors LP lifted its stake in Cogent Biosciences by 82.3% in the 1st quarter. Paradigm Biocapital Advisors LP now owns 8,963,655 shares of the technology company's stock worth $53,692,000 after purchasing an additional 4,046,243 shares in the last quarter. Vanguard Group Inc. lifted its stake in Cogent Biosciences by 7.3% in the 4th quarter. Vanguard Group Inc. now owns 6,133,380 shares of the technology company's stock worth $47,840,000 after purchasing an additional 418,975 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its position in shares of Cogent Biosciences by 5.8% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 4,300,000 shares of the technology company's stock valued at $33,540,000 after buying an additional 233,966 shares in the last quarter. Finally, Vestal Point Capital LP purchased a new stake in shares of Cogent Biosciences during the 1st quarter valued at $17,970,000.

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.