Cogent Biosciences (NASDAQ:COGT) Stock Price Down 9.3% - Here's Why

Key Points

• Cogent Biosciences saw a significant drop in stock price, falling by 9.3% to close at $14.39 due to lower trading volume.
• Despite the recent decline, several analysts have positive outlooks, with price targets ranging from $9.00 to $28.00 and an average consensus price target of $20.83.
• Cogent Biosciences is focused on developing therapies for genetically defined diseases, with their lead product aiming to target specific mutations in cancer treatment.

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price fell 9.3% during trading on Wednesday . The stock traded as low as $14.55 and last traded at $14.39. 826,629 shares traded hands during mid-day trading, a decline of 58% from the average session volume of 1,947,343 shares. The stock had previously closed at $15.86.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Guggenheim raised their price objective on shares of Cogent Biosciences from $17.00 to $20.00 and gave the stock a "buy" rating in a research note on Monday, August 25th. Robert W. Baird upped their price objective on shares of Cogent Biosciences from $7.00 to $9.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 8th. Leerink Partners upped their price objective on shares of Cogent Biosciences from $16.00 to $18.00 and gave the company an "outperform" rating in a research note on Monday, July 7th. Citigroup raised their price target on shares of Cogent Biosciences from $15.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Finally, Jefferies Financial Group raised their price objective on shares of Cogent Biosciences from $23.00 to $28.00 and gave the stock a "buy" rating in a research report on Monday, July 7th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $20.83.

Cogent Biosciences Stock Performance

The business's 50-day moving average is $13.53 and its two-hundred day moving average is $9.46. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -8.06 and a beta of 0.30.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Arizona State Retirement System grew its holdings in shares of Cogent Biosciences by 18.0% in the first quarter. Arizona State Retirement System now owns 20,567 shares of the technology company's stock worth $123,000 after acquiring an additional 3,142 shares during the period. CWM LLC boosted its position in shares of Cogent Biosciences by 11,869.9% in the 1st quarter. CWM LLC now owns 8,738 shares of the technology company's stock worth $52,000 after purchasing an additional 8,665 shares in the last quarter. Swiss National Bank raised its stake in shares of Cogent Biosciences by 17.5% during the 1st quarter. Swiss National Bank now owns 139,100 shares of the technology company's stock valued at $833,000 after buying an additional 20,700 shares during the last quarter. Invesco Ltd. increased its stake in shares of Cogent Biosciences by 77.9% in the 1st quarter. Invesco Ltd. now owns 68,743 shares of the technology company's stock valued at $412,000 after purchasing an additional 30,102 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Cogent Biosciences during the 1st quarter worth approximately $1,401,000.

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.

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