Cogent Biosciences (NASDAQ:COGT) Shares Down 8.4% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares traded down 8.4% during mid-day trading on Wednesday . The company traded as low as $8.39 and last traded at $8.70. 355,341 shares changed hands during mid-day trading, a decline of 75% from the average session volume of 1,444,067 shares. The stock had previously closed at $9.50.

Wall Street Analyst Weigh In

Several analysts recently commented on COGT shares. Robert W. Baird raised their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Citigroup upped their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research note on Tuesday, September 24th. HC Wainwright reissued a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, Wedbush reaffirmed a “neutral” rating and set a $11.00 price target on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Stock Down 10.0 %

The business has a 50-day moving average price of $10.42 and a 200-day moving average price of $9.77. The firm has a market capitalization of $921.24 million, a P/E ratio of -3.36 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period last year, the business earned ($0.64) earnings per share. As a group, sell-side analysts forecast that Cogent Biosciences, Inc. will post -2.4 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Values First Advisors Inc. bought a new position in Cogent Biosciences in the third quarter valued at approximately $32,000. Mirae Asset Global Investments Co. Ltd. boosted its position 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 worth $43,000 after purchasing an additional 1,104 shares during the last quarter. nVerses Capital LLC acquired a new stake in shares of Cogent Biosciences during the third quarter worth $76,000. Victory Capital Management Inc. acquired a new stake in shares of Cogent Biosciences during the third quarter worth $113,000. Finally, Quest Partners LLC bought a new stake in Cogent Biosciences in the second quarter valued at about $89,000.

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.