Cogent Biosciences (NASDAQ:COGT) Stock Price Down 4.4% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares were down 4.4% during trading on Wednesday . The stock traded as low as $7.78 and last traded at $7.83. 404,839 shares traded hands during trading, a decline of 72% from the average session volume of 1,454,087 shares. The stock had previously closed at $8.19.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on COGT shares. Citigroup increased their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a report on Tuesday, September 24th. Robert W. Baird raised their target price 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. Wedbush reaffirmed a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Tuesday, November 12th. HC Wainwright reiterated a “buy” rating on shares of Cogent Biosciences in a research note on Wednesday, December 11th. Finally, JPMorgan Chase & Co. raised their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Price Performance

The company’s fifty day moving average is $10.25 and its 200-day moving average is $9.80. The stock has a market cap of $843.93 million, a PE ratio of -3.08 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last released its earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the firm earned ($0.64) EPS. Analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Hedge Funds Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Values First Advisors Inc. acquired a new position in Cogent Biosciences during the third quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. raised its stake 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 acquiring an additional 1,104 shares during the period. nVerses Capital LLC purchased a new stake in shares of Cogent Biosciences in the 3rd quarter valued at approximately $76,000. Quest Partners LLC purchased a new stake in shares of Cogent Biosciences in the 2nd quarter valued at approximately $89,000. Finally, SkyView Investment Advisors LLC increased its stake in Cogent Biosciences by 25.0% during the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after buying an additional 2,500 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.