Cogent Biosciences (NASDAQ:COGT) Shares Down 5.9% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s stock price fell 5.9% during mid-day trading on Tuesday . The stock traded as low as $8.20 and last traded at $8.24. 400,154 shares changed hands during trading, a decline of 74% from the average session volume of 1,530,158 shares. The stock had previously closed at $8.76.

Analyst Ratings Changes

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

Cogent Biosciences Stock Performance

The company has a market cap of $925.65 million, a PE ratio of -3.38 and a beta of 1.77. The stock has a 50 day moving average of $8.41 and a 200-day moving average of $9.68.

Cogent Biosciences (NASDAQ:COGT) last announced 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 prior year, the business earned ($0.64) earnings per share. Equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Several institutional investors and hedge funds have recently modified their holdings of COGT. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Cogent Biosciences by 38.7% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $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 3rd quarter worth approximately $76,000. E Fund Management Co. Ltd. purchased a new stake in Cogent Biosciences during the 4th quarter worth approximately $89,000. Finally, Proficio Capital Partners LLC purchased a new stake in Cogent Biosciences during the 4th quarter worth approximately $93,000.

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.