Cogent Biosciences (NASDAQ:COGT) Trading Down 3.8%

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price dropped 3.8% during trading on Tuesday . The stock traded as low as $8.69 and last traded at $8.79. Approximately 15,575 shares were traded during mid-day trading, a decline of 99% from the average daily volume of 1,607,976 shares. The stock had previously closed at $9.14.

Wall Street Analysts Forecast Growth

COGT has been the topic of several analyst reports. HC Wainwright reissued a “buy” rating and issued a $19.00 target price on shares of Cogent Biosciences in a report on Monday, June 17th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price target on shares of Cogent Biosciences in a research note on Thursday, June 27th. Finally, Wedbush restated a “neutral” rating and issued a $10.00 price target on shares of Cogent Biosciences in a research note on Friday, May 24th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Trading Up 1.4 %

The stock has a market cap of $886.30 million, a price-to-earnings ratio of -3.69 and a beta of 1.71. The stock has a 50-day moving average price of $8.75 and a two-hundred day moving average price of $7.45.

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

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently bought and sold shares of the stock. Frazier Life Sciences Management L.P. increased its holdings in Cogent Biosciences by 32.9% in the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after buying an additional 493,884 shares in the last quarter. Kynam Capital Management LP raised its position in shares of 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 purchasing an additional 3,644,641 shares during the last quarter. Rafferty Asset Management LLC raised its holdings in Cogent Biosciences by 50.5% in the 4th quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after acquiring an additional 96,894 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after acquiring an additional 2,083,065 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Cogent Biosciences in the 4th quarter valued at $147,000.

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.