Cogent Biosciences (NASDAQ:COGT) Stock Price Down 2.5% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares traded down 2.5% during mid-day trading on Tuesday . The company traded as low as $7.48 and last traded at $7.52. 41,237 shares changed hands during trading, a decline of 97% from the average session volume of 1,447,758 shares. The stock had previously closed at $7.71.

Analysts Set New Price Targets

COGT has been the topic of several research reports. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Wedbush reaffirmed a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. HC Wainwright reissued a “buy” rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. JPMorgan Chase & Co. raised their price target on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Cogent Biosciences currently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Trading Up 1.2 %

The stock has a market cap of $861.60 million, a P/E ratio of -3.15 and a beta of 1.71. The firm’s fifty day moving average is $9.51 and its 200 day moving average is $9.74.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings data 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 last year, the business earned ($0.64) earnings per share. Research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds and other institutional investors have recently modified their holdings of the stock. JPMorgan Chase & Co. raised its stake in Cogent Biosciences by 9.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company’s stock valued at $700,000 after purchasing an additional 5,720 shares during the last quarter. Virtu Financial LLC acquired a new stake in Cogent Biosciences during the third quarter worth about $147,000. Geode Capital Management LLC increased its stake in Cogent Biosciences by 15.1% during the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after acquiring an additional 300,062 shares during the period. Barclays PLC raised its holdings in Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after acquiring an additional 97,541 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. bought a new stake in shares of Cogent Biosciences in the 3rd quarter worth approximately $488,000.

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.