Cogent Biosciences (NASDAQ:COGT) Trading Down 8.3%

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

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Citigroup raised their target price on shares of Cogent Biosciences from $11.00 to $13.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Needham & Company LLC reiterated a “buy” rating and set a $18.00 price target on shares of Cogent Biosciences in a research report on Monday, February 26th. Leerink Partnrs reiterated an “outperform” rating on shares of Cogent Biosciences in a research report on Thursday, February 22nd. JPMorgan Chase & Co. increased their price target on shares of Cogent Biosciences from $18.00 to $20.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 27th. Finally, Wedbush increased their price target on shares of Cogent Biosciences from $5.00 to $10.00 and gave the stock a “neutral” rating in a research report on Friday, February 23rd. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $13.67.

Cogent Biosciences Price Performance

The business’s 50-day simple moving average is $6.88 and its two-hundred day simple moving average is $6.76.

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

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently added to or reduced their stakes in the stock. Citigroup Inc. lifted its holdings in shares of Cogent Biosciences by 3.2% during the third quarter. Citigroup Inc. now owns 82,241 shares of the technology company’s stock worth $802,000 after purchasing an additional 2,522 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Cogent Biosciences by 29.4% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 11,328 shares of the technology company’s stock worth $110,000 after purchasing an additional 2,571 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Cogent Biosciences by 15.2% during the third quarter. Principal Financial Group Inc. now owns 21,267 shares of the technology company’s stock worth $207,000 after purchasing an additional 2,803 shares during the period. State Board of Administration of Florida Retirement System lifted its holdings in shares of Cogent Biosciences by 18.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 23,142 shares of the technology company’s stock worth $226,000 after purchasing an additional 3,570 shares during the period. Finally, Arizona State Retirement System lifted its holdings in shares of Cogent Biosciences by 42.9% during the third quarter. Arizona State Retirement System now owns 15,446 shares of the technology company’s stock worth $151,000 after purchasing an additional 4,640 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.