Cogent Biosciences (NASDAQ:COGT) Shares Down 5.3% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares were down 5.3% on Tuesday . The company traded as low as $11.23 and last traded at $11.24. Approximately 93,373 shares changed hands during trading, a decline of 93% from the average daily volume of 1,402,432 shares. The stock had previously closed at $11.87.

Analyst Ratings Changes

Several brokerages recently issued reports on COGT. Citigroup lifted their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. JPMorgan Chase & Co. reduced their price objective on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Needham & Company LLC reiterated a “buy” rating and set a $16.00 price objective on shares of Cogent Biosciences in a research report on Thursday, October 24th. Wedbush reissued a “neutral” rating and issued a $11.00 price objective (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Finally, Robert W. Baird raised their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $14.67.

Cogent Biosciences Trading Down 17.7 %

The business’s 50-day simple moving average is $11.11 and its two-hundred day simple moving average is $9.37. The company has a market capitalization of $1.07 billion, a PE ratio of -4.21 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the previous year, the firm earned ($0.59) earnings per share. On average, analysts forecast that Cogent Biosciences, Inc. will post -2.25 EPS for the current year.

Institutional Trading of Cogent Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. grew its holdings in Cogent Biosciences by 8.1% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock worth $352,000 after acquiring an additional 3,912 shares in the last quarter. Swiss National Bank grew its stake in Cogent Biosciences by 33.9% in the first quarter. Swiss National Bank now owns 124,000 shares of the technology company’s stock worth $833,000 after purchasing an additional 31,400 shares in the last quarter. 49 Wealth Management LLC increased its holdings in Cogent Biosciences by 20.5% in the first quarter. 49 Wealth Management LLC now owns 13,137 shares of the technology company’s stock valued at $91,000 after buying an additional 2,236 shares during the last quarter. Russell Investments Group Ltd. raised its stake in Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock valued at $67,000 after buying an additional 7,020 shares in the last quarter. Finally, ProShare Advisors LLC lifted its holdings in Cogent Biosciences by 15.3% during the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after buying an additional 2,953 shares during the last quarter.

Cogent Biosciences Company Profile

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.