Cogent Biosciences (NASDAQ:COGT) Stock Price Down 4.9%

Cogent Biosciences, Inc. (NASDAQ:COGT) traded down 4.9% on Tuesday . The company traded as low as $8.48 and last traded at $8.50. 171,845 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 1,790,787 shares. The stock had previously closed at $8.94.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC reiterated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a report on Thursday, June 27th. Wedbush reiterated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a report on Friday, May 24th. Finally, HC Wainwright reiterated a “buy” rating and issued a $19.00 price target on shares of Cogent Biosciences in a report on Monday, June 17th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $14.67.

Cogent Biosciences Trading Down 7.6 %

The firm has a market cap of $789.74 million, a price-to-earnings ratio of -3.36 and a beta of 1.71. The stock has a 50-day moving average of $7.92 and a 200-day moving average of $6.81.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, May 7th. The technology company reported ($0.62) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.51) by ($0.11). As a group, research analysts expect that Cogent Biosciences, Inc. will post -2.19 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in COGT. Kynam Capital Management LP boosted its position in Cogent Biosciences by 164.9% during the 4th quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock worth $34,426,000 after acquiring an additional 3,644,641 shares during the period. Janus Henderson Group PLC boosted its position in Cogent Biosciences by 12,785.8% during the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after acquiring an additional 2,083,065 shares during the period. Vanguard Group Inc. boosted its position in Cogent Biosciences by 27.1% during the 1st quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after acquiring an additional 1,231,050 shares during the period. Redmile Group LLC boosted its position in Cogent Biosciences by 36.0% during the 1st quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock worth $26,629,000 after acquiring an additional 1,048,580 shares during the period. Finally, Frazier Life Sciences Management L.P. raised its stake in shares of Cogent Biosciences by 32.9% in the 4th quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock worth $11,732,000 after buying an additional 493,884 shares in the last quarter.

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.