Cogent Biosciences (NASDAQ:COGT) Stock Price Down 7.7% – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price traded down 7.7% during trading on Monday . The stock traded as low as $5.93 and last traded at $5.98. 665,790 shares changed hands during trading, a decline of 46% from the average session volume of 1,236,360 shares. The stock had previously closed at $6.48.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on COGT shares. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, February 25th. HC Wainwright lowered their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Robert W. Baird reduced their target price on shares of Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. Scotiabank began coverage on shares of Cogent Biosciences in a research report on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target on the stock. Finally, Piper Sandler upgraded shares of Cogent Biosciences to a “strong-buy” rating in a report on Friday, March 7th. Three analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $14.43.

Cogent Biosciences Trading Down 7.6 %

The company has a market cap of $681.96 million, a PE ratio of -2.42 and a beta of 1.80. The company has a fifty day simple moving average of $7.87 and a two-hundred day simple moving average of $9.09.

Institutional Trading of Cogent Biosciences

Several hedge funds have recently added to or reduced their stakes in COGT. Balyasny Asset Management L.P. grew its holdings in Cogent Biosciences by 8.8% during the 4th quarter. Balyasny Asset Management L.P. now owns 20,805 shares of the technology company’s stock worth $162,000 after acquiring an additional 1,687 shares in the last quarter. Verition Fund Management LLC grew its stake in shares of Cogent Biosciences by 7.5% during the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after purchasing an additional 2,176 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Cogent Biosciences by 10.5% in the fourth quarter. New York State Common Retirement Fund now owns 23,102 shares of the technology company’s stock valued at $180,000 after buying an additional 2,200 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in Cogent Biosciences by 11.3% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock valued at $183,000 after buying an additional 2,371 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its stake in Cogent Biosciences by 15.4% in the fourth quarter. Teacher Retirement System of Texas now owns 17,983 shares of the technology company’s stock valued at $140,000 after buying an additional 2,396 shares in the last quarter.

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.