Cogent Biosciences (NASDAQ:COGT) Stock Price Down 4.2% – What’s Next?

Cogent Biosciences, Inc. (NASDAQ:COGT) shares were down 4.2% on Friday . The stock traded as low as $8.54 and last traded at $8.52. Approximately 272,611 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,495,818 shares. The stock had previously closed at $8.89.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. HC Wainwright lowered their price objective on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Wedbush reissued a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. Finally, Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $14.33.

Cogent Biosciences Trading Down 3.4 %

The company has a fifty day moving average of $8.46 and a 200-day moving average of $9.66. The company has a market capitalization of $948.74 million, a price-to-earnings ratio of -3.48 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly 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 in the previous year, the firm posted ($0.64) earnings per share. As a group, equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Trading of Cogent Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Cogent Biosciences by 38.7% during the third 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 last quarter. Verition Fund Management LLC raised its position in Cogent Biosciences by 7.5% in the third quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock valued at $337,000 after purchasing an additional 2,176 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Cogent Biosciences by 11.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after purchasing an additional 2,371 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in shares of Cogent Biosciences by 25.0% during the second 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. Finally, Values First Advisors Inc. purchased a new position in Cogent Biosciences during the 3rd quarter valued at about $32,000.

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.