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

Cogent Biosciences, Inc. (NASDAQ:COGT) fell 5.7% during mid-day trading on Tuesday . The company traded as low as $39.58 and last traded at $39.1590. 275,811 shares traded hands 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 Ratings Changes

COGT has been the topic of several research reports. Wedbush reissued an “outperform” rating and issued a $55.00 target price on shares of Cogent Biosciences in a research report on Friday, May 29th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cogent Biosciences in a research report on Wednesday, July 8th. HC Wainwright boosted their price target on Cogent Biosciences to $55.00 and gave the company a “buy” rating in a research note on Wednesday, May 6th. Finally, Guggenheim increased their price objective on Cogent Biosciences from $45.00 to $52.00 and gave the company a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $49.10.

Cogent Biosciences Trading Up 0.7%

The company has a 50 day simple moving average of $37.78 and a 200 day simple moving average of $36.65. The company has a market capitalization of $6.76 billion, a PE ratio of -18.05 and a beta of 0.38. The company has a debt-to-equity ratio of 0.41, a quick ratio of 15.14 and a current ratio of 15.14.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Monday, August 10th. The technology company reported ($0.52) earnings per share for the quarter, topping the consensus estimate of ($0.55) by $0.03. Analysts anticipate that Cogent Biosciences, Inc. will post -2.26 earnings per share for the current year.

Institutional Trading of Cogent Biosciences

Institutional investors have recently added to or reduced their stakes in the stock. Quantbot Technologies LP acquired a new position in shares of Cogent Biosciences in the second quarter worth $53,000. Virtus Advisers LLC acquired a new stake in shares of Cogent Biosciences in the second quarter valued at $446,000. E Fund Management Co. Ltd. purchased a new position in Cogent Biosciences in the second quarter valued at $500,000. BlackRock Inc. purchased a new position in Cogent Biosciences in the second quarter valued at $671,547,000. Finally, Deutsche Bank AG acquired a new position in Cogent Biosciences during the 2nd quarter worth $10,317,000.

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.