Cogent Biosciences (NASDAQ:COGT) Sets New 12-Month Low – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT) hit a new 52-week low during trading on Tuesday . The company traded as low as $5.66 and last traded at $5.63, with a volume of 53324 shares. The stock had previously closed at $5.99.

Analyst Ratings Changes

COGT has been the subject of a number of analyst reports. Piper Sandler raised shares of Cogent Biosciences to a “strong-buy” rating in a research report on Friday, March 7th. Scotiabank initiated coverage on Cogent Biosciences in a research note on Friday, March 7th. They set a “sector outperform” rating and a $17.00 price target on the stock. Robert W. Baird lowered their price objective on Cogent Biosciences from $10.00 to $8.00 and set a “neutral” rating for the company in a research report on Thursday, February 27th. HC Wainwright reduced their target price on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Needham & Company LLC restated a “hold” rating on shares of Cogent Biosciences in a report on Wednesday, February 26th. Three equities research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.43.

Cogent Biosciences Price Performance

The stock has a market cap of $651.22 million, a PE ratio of -2.31 and a beta of 1.67. The stock has a 50-day simple moving average of $7.73 and a 200-day simple moving average of $9.01.

Institutional Trading of Cogent Biosciences

A number of institutional investors have recently modified their holdings of COGT. Schonfeld Strategic Advisors LLC acquired a new position in Cogent Biosciences during the fourth quarter valued at approximately $78,000. Hsbc Holdings PLC purchased a new position in shares of Cogent Biosciences in the 4th quarter valued at $81,000. KLP Kapitalforvaltning AS acquired a new position in shares of Cogent Biosciences during the 4th quarter valued at $88,000. E Fund Management Co. Ltd. acquired a new position in shares of Cogent Biosciences during the 4th quarter valued at $89,000. Finally, Proficio Capital Partners LLC acquired a new stake in Cogent Biosciences in the 4th quarter valued at $93,000.

About Cogent Biosciences

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.