Cogent Biosciences (NASDAQ:COGT) Shares Down 4.2% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price was down 4.2% during mid-day trading on Friday . The stock traded as low as $8.54 and last traded at $8.52. Approximately 272,611 shares changed hands during trading, a decline of 82% from the average daily volume of 1,495,818 shares. The stock had previously closed at $8.89.

Wall Street Analyst Weigh In

A number of analysts have weighed in on COGT shares. JPMorgan Chase & Co. raised their price target on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. HC Wainwright dropped their price target on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research report on Monday, January 13th. Finally, Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Trading Down 3.4 %

The stock’s 50 day moving average is $8.46 and its 200 day moving average is $9.66. The stock has a market capitalization of $948.74 million, a price-to-earnings ratio of -3.48 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the business posted ($0.64) earnings per share. On average, sell-side analysts anticipate that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently modified their holdings of COGT. Values First Advisors Inc. acquired a new stake in Cogent Biosciences during the 3rd quarter worth approximately $32,000. Mirae Asset Global Investments Co. Ltd. lifted its position in Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after buying an additional 1,104 shares in the last quarter. nVerses Capital LLC purchased a new stake in Cogent Biosciences during the third quarter worth approximately $76,000. SkyView Investment Advisors LLC increased its position in shares of Cogent Biosciences by 25.0% in the second quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,500 shares in the last quarter. Finally, Victory Capital Management Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at $113,000.

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.