Cogent Biosciences (NASDAQ:COGT) Shares Down 2.3% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price was down 2.3% on Friday . The stock traded as low as $7.08 and last traded at $7.12. Approximately 353,748 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 1,246,722 shares. The stock had previously closed at $7.29.

Wall Street Analyst Weigh In

COGT has been the topic of several research analyst reports. Scotiabank initiated coverage on shares of Cogent Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $17.00 target price on the stock. Needham & Company LLC reissued a “hold” rating on shares of Cogent Biosciences in a research report on Wednesday, February 26th. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Robert W. Baird dropped their price target on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. Finally, Wedbush reissued a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, February 25th. Three research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.43.

Cogent Biosciences Trading Down 2.1 %

The stock has a market capitalization of $812.89 million, a P/E ratio of -2.88 and a beta of 1.80. The business has a fifty day simple moving average of $8.07 and a 200 day simple moving average of $9.39.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Schonfeld Strategic Advisors LLC bought a new stake in shares of Cogent Biosciences in the 4th quarter worth $78,000. Hsbc Holdings PLC purchased a new position in Cogent Biosciences during the fourth quarter worth about $81,000. KLP Kapitalforvaltning AS purchased a new position in Cogent Biosciences during the fourth quarter worth about $88,000. E Fund Management Co. Ltd. bought a new stake in Cogent Biosciences in the 4th quarter worth about $89,000. Finally, Proficio Capital Partners LLC purchased a new stake in Cogent Biosciences in the 4th quarter valued at about $93,000.

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.