Cogent Biosciences (NASDAQ:COGT) Shares Down 5.3% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on COGT. Wedbush reaffirmed a “neutral” rating and issued a $11.00 target price (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday, September 3rd. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 target price on shares of Cogent Biosciences in a research note on Thursday, October 24th. JPMorgan Chase & Co. cut their price target on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup boosted their price target 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. Finally, Robert W. Baird boosted their price target 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. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $14.67.

Cogent Biosciences Stock Performance

The stock’s fifty day moving average price is $11.11 and its 200-day moving average price is $9.40. The company has a market capitalization of $1.15 billion, a P/E ratio of -4.23 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last issued its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the prior year, the company earned ($0.59) EPS. On average, research analysts predict that Cogent Biosciences, Inc. will post -2.25 EPS for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Values First Advisors Inc. bought a new stake in shares of Cogent Biosciences in the 3rd quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Cogent Biosciences by 38.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after purchasing an additional 1,104 shares during the period. Russell Investments Group Ltd. raised its holdings 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 valued at $67,000 after acquiring an additional 7,020 shares during the period. nVerses Capital LLC bought a new position in Cogent Biosciences in the 3rd quarter valued at about $76,000. Finally, Quest Partners LLC bought a new position in Cogent Biosciences in the 2nd quarter valued at about $89,000.

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.