Cogent Biosciences (NASDAQ:COGT) Shares Down 7% – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price traded down 7% during trading on Friday . The stock traded as low as $8.95 and last traded at $8.97. 296,168 shares traded hands during trading, a decline of 79% from the average session volume of 1,419,952 shares. The stock had previously closed at $9.65.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on COGT shares. JPMorgan Chase & Co. increased their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Needham & Company LLC dropped their price objective on Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a report on Wednesday. Wedbush restated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. Finally, HC Wainwright reiterated a “buy” rating and issued a $17.00 price target on shares of Cogent Biosciences in a research report on Monday, November 4th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Stock Down 7.8 %

The company has a market capitalization of $974.11 million, a P/E ratio of -3.59 and a beta of 1.72. The firm has a fifty day simple moving average of $10.99 and a 200-day simple moving average of $9.57.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the company earned ($0.64) earnings per share. On average, sell-side analysts predict that Cogent Biosciences, Inc. will post -2.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 124.5% in 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. Hennion & Walsh Asset Management Inc. bought a new stake in shares of Cogent Biosciences in the second quarter valued at about $1,077,000. Sofinnova Investments Inc. boosted its position in shares of Cogent Biosciences by 15.5% during the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after buying an additional 372,515 shares during the period. Janus Henderson Group PLC grew its holdings in shares of Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock worth $14,097,000 after buying an additional 2,083,065 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C raised its position in 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 buying an additional 2,209,918 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.