Cogent Biosciences (NASDAQ:COGT) Trading Down 10.2% – Here’s What Happened

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) fell 10.2% during trading on Wednesday . The stock traded as low as $34.40 and last traded at $34.5740. 1,131,754 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 2,062,567 shares. The stock had previously closed at $38.49.

Analysts Set New Price Targets

COGT has been the subject of a number of recent analyst reports. Wedbush reaffirmed an “outperform” rating and set a $55.00 price target on shares of Cogent Biosciences in a report on Tuesday, March 17th. Robert W. Baird set a $35.00 price objective on shares of Cogent Biosciences in a research report on Thursday, February 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Cogent Biosciences in a research note on Monday, December 29th. HC Wainwright raised their target price on Cogent Biosciences to $52.00 and gave the company a “buy” rating in a report on Tuesday, January 6th. Finally, Jefferies Financial Group began coverage on Cogent Biosciences in a research note on Monday, March 16th. They issued a “buy” rating and a $55.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $43.45.

Cogent Biosciences Price Performance

The business’s fifty day moving average price is $37.04 and its 200 day moving average price is $30.98. The company has a debt-to-equity ratio of 0.41, a current ratio of 14.23 and a quick ratio of 14.23. The stock has a market cap of $5.69 billion, a P/E ratio of -16.23 and a beta of 0.47.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, February 17th. The technology company reported ($0.55) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.51) by ($0.04). Sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Insider Buying and Selling at Cogent Biosciences

In other news, Director Fairmount Funds Management Llc sold 3,500,000 shares of the company’s stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $36.40, for a total transaction of $127,400,000.00. Following the completion of the transaction, the director directly owned 5,503,418 shares in the company, valued at approximately $200,324,415.20. This represents a 38.87% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.29% of the company’s stock.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds have recently modified their holdings of COGT. Bank of Hawaii bought a new stake in Cogent Biosciences during the 4th quarter worth $929,000. Caitong International Asset Management Co. Ltd raised its position in Cogent Biosciences by 3,845.5% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,736 shares of the technology company’s stock valued at $62,000 after purchasing an additional 1,692 shares during the last quarter. Seven Fleet Capital Management LP bought a new position in Cogent Biosciences in the fourth quarter valued at about $1,919,000. Virtu Financial LLC acquired a new stake in shares of Cogent Biosciences during the fourth quarter valued at about $1,336,000. Finally, Invesco Ltd. boosted its stake in shares of Cogent Biosciences by 57.3% during the fourth quarter. Invesco Ltd. now owns 585,765 shares of the technology company’s stock valued at $20,806,000 after purchasing an additional 213,495 shares in the last quarter.

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.