Cogent Biosciences (NASDAQ:COGT) Stock Price Down 5.7% – Here’s What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT) was down 5.7% during trading on Tuesday . The company traded as low as $39.58 and last traded at $39.1590. 275,811 shares were traded during mid-day trading, a decline of 88% from the average session volume of 2,222,771 shares. The stock had previously closed at $41.53.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on COGT. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cogent Biosciences in a research note on Wednesday, July 8th. HC Wainwright upped their price target on shares of Cogent Biosciences to $55.00 and gave the stock a “buy” rating in a report on Wednesday, May 6th. Finally, Wedbush reiterated an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $45.90.

Cogent Biosciences Trading Down 5.7%

The business’s 50 day simple moving average is $37.53 and its two-hundred day simple moving average is $36.66. The stock has a market cap of $6.69 billion, a P/E ratio of -18.02 and a beta of 0.38. The company has a quick ratio of 15.14, a current ratio of 15.14 and a debt-to-equity ratio of 0.41.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Monday, August 10th. The technology company reported ($0.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.55) by $0.03. As a group, analysts expect that Cogent Biosciences, Inc. will post -2.26 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several large investors have recently modified their holdings of the business. Pier Capital LLC acquired a new stake in Cogent Biosciences in the fourth quarter valued at $1,643,000. Vanguard Group Inc. lifted its holdings in Cogent Biosciences by 48.4% during the 4th quarter. Vanguard Group Inc. now owns 11,514,326 shares of the technology company’s stock worth $408,989,000 after buying an additional 3,756,664 shares during the period. Pictet Asset Management Holding SA grew its position in shares of Cogent Biosciences by 710.7% in the 4th quarter. Pictet Asset Management Holding SA now owns 112,476 shares of the technology company’s stock valued at $4,232,000 after buying an additional 98,602 shares during the last quarter. Teachers Retirement System of The State of Kentucky acquired a new stake in shares of Cogent Biosciences in the fourth quarter valued at about $1,330,000. Finally, Weiss Asset Management LP acquired a new stake in shares of Cogent Biosciences in the first quarter valued at about $13,322,000.

About Cogent Biosciences

Cogent Biosciences is a clinical-stage biopharmaceutical company focused on the discovery and development of small-molecule therapies that modulate the tumor microenvironment. The company’s research centers on targeting colony-stimulating factor 1 receptor (CSF1R), a key regulator of tumor-associated macrophages that can promote tumor growth and immune evasion. By selectively inhibiting CSF1R, Cogent Biosciences aims to restore immune surveillance and enhance the efficacy of existing cancer treatments.

The company’s lead asset is an orally bioavailable CSF1R inhibitor that has advanced into early-stage clinical trials for various solid tumors.