Cogent Biosciences, Inc. (NASDAQ:COGT – Get Free Report)’s share price fell 11.9% during trading on Monday . The company traded as low as $6.88 and last traded at $6.91. 627,769 shares were traded during trading, a decline of 44% from the average session volume of 1,127,556 shares. The stock had previously closed at $7.84.
Analyst Ratings Changes
A number of brokerages recently commented on COGT. Citigroup increased their price target on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. JPMorgan Chase & Co. increased 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. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Finally, HC Wainwright restated a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.83.
View Our Latest Research Report on COGT
Cogent Biosciences Price Performance
Cogent Biosciences (NASDAQ:COGT – Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period in the previous year, the firm posted ($0.64) earnings per share. On average, research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Point72 Asset Management L.P. increased its holdings in Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after purchasing an additional 8,310,150 shares during the period. Barclays PLC increased its holdings in shares of Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Cogent Biosciences by 20.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after acquiring an additional 139,096 shares during the period. Sofinnova Investments Inc. increased its holdings in shares of Cogent Biosciences by 15.5% in the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after acquiring an additional 372,515 shares during the period. Finally, Deerfield Management Company L.P. Series C increased its holdings in shares of Cogent Biosciences by 144.0% in the 2nd quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after acquiring an additional 2,209,918 shares during the period.
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.
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