Cogent Biosciences (NASDAQ:COGT) Stock Price Down 4.4% – What’s Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) traded down 4.4% on Wednesday . The stock traded as low as $7.78 and last traded at $7.83. 404,839 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 1,454,087 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Robert W. Baird boosted their price objective on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a research report on Thursday, September 5th. HC Wainwright reiterated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, November 14th. Citigroup boosted their price objective on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Wedbush reiterated a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Stock Down 6.7 %

The company has a market cap of $843.93 million, a P/E ratio of -3.08 and a beta of 1.70. The business has a fifty day moving average of $10.25 and a 200 day moving average of $9.80.

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

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Values First Advisors Inc. purchased a new stake in shares of Cogent Biosciences in the third quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Cogent Biosciences by 38.7% in 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 acquiring an additional 1,104 shares during the period. nVerses Capital LLC bought a new position in Cogent Biosciences in the third quarter valued at about $76,000. Quest Partners LLC bought a new position in Cogent Biosciences in the second quarter valued at about $89,000. Finally, SkyView Investment Advisors LLC boosted 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 purchasing an additional 2,500 shares during the period.

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.