Cogent Biosciences (NASDAQ:COGT) Shares Gap Down to $13.03

Posted by Defense World Staff on Jun 9th, 2023

Cogent Biosciences, Inc. (NASDAQ:COGT – Get Rating) gapped down before the market opened on Wednesday . The stock had previously closed at $13.03, but opened at $12.23. Cogent Biosciences shares last traded at $12.37, with a volume of 594,515 shares trading hands.

Analyst Ratings Changes

A number of research firms recently issued reports on COGT. Needham & Company LLC reissued a “buy” rating and issued a $23.00 price objective on shares of Cogent Biosciences in a report on Wednesday, April 19th. Guggenheim reissued a “buy” rating and issued a $26.00 price objective on shares of Cogent Biosciences in a report on Wednesday, March 15th. Robert W. Baird began coverage on shares of Cogent Biosciences in a report on Thursday, April 27th. They issued an “outperform” rating and a $20.00 price objective on the stock. Finally, HC Wainwright dropped their price objective on shares of Cogent Biosciences from $28.00 to $27.00 in a report on Thursday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $22.50.

Cogent Biosciences Trading Down 1.7 %

The business’s 50 day simple moving average is $11.25 and its 200 day simple moving average is $12.00.

Cogent Biosciences (NASDAQ:COGT – Get Rating) last released its earnings results on Tuesday, March 14th. The technology company reported ($0.56) EPS for the quarter, missing analysts’ consensus estimates of ($0.50) by ($0.06). On average, equities analysts forecast that Cogent Biosciences, Inc. will post -2.22 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in COGT. Price T Rowe Associates Inc. MD raised its position in shares of Cogent Biosciences by 10.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 11,122 shares of the technology company’s stock valued at $129,000 after buying an additional 1,018 shares during the last quarter. Metropolitan Life Insurance Co NY raised its position in shares of Cogent Biosciences by 46.2% during the third quarter. Metropolitan Life Insurance Co NY now owns 3,857 shares of the technology company’s stock valued at $58,000 after buying an additional 1,218 shares during the last quarter. ProShare Advisors LLC raised its position in shares of Cogent Biosciences by 11.4% during the fourth quarter. ProShare Advisors LLC now owns 14,018 shares of the technology company’s stock valued at $162,000 after buying an additional 1,430 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Cogent Biosciences by 0.7% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 274,915 shares of the technology company’s stock valued at $2,966,000 after buying an additional 1,931 shares during the last quarter. Finally, American International Group Inc. raised its position in shares of Cogent Biosciences by 13.2% during the second quarter. American International Group Inc. now owns 20,877 shares of the technology company’s stock valued at $188,000 after buying an additional 2,429 shares during the last quarter.

Cogent Biosciences Company Profile

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Cogent Biosciences, Inc is a biotechnology company, which engages in the development of precision therapies for genetically defined diseases. It focuses on CGT9486, a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17.