Cogent Biosciences (NASDAQ:COGT) Shares Down 5.3% – What’s Next?

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

Analysts Set New Price Targets

COGT has been the subject of several research analyst reports. Wedbush restated 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. Robert W. Baird boosted their price objective 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. JPMorgan Chase & Co. dropped their price objective on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a research report on Wednesday, August 7th. Needham & Company LLC restated a “buy” rating and issued a $16.00 price objective on shares of Cogent Biosciences in a research report on Thursday, October 24th. Finally, Citigroup boosted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Cogent Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $14.67.

Cogent Biosciences Trading Up 4.9 %

The business’s fifty day simple moving average is $11.11 and its 200 day simple moving average is $9.40. The stock has a market cap of $1.15 billion, a price-to-earnings ratio of -4.23 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the prior year, the business earned ($0.59) EPS. As a group, research analysts anticipate that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

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