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

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

Analyst Ratings Changes

COGT has been the topic of several recent analyst reports. Wedbush restated a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research note on Monday, January 13th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. upped their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, HC Wainwright dropped their price target on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, Cogent Biosciences currently has an average rating of “Moderate Buy” and an average target price of $14.33.

View Our Latest Stock Analysis on COGT

Cogent Biosciences Trading Down 6.1 %

The business’s fifty day moving average is $8.45 and its 200 day moving average is $9.67. The company has a market cap of $922.36 million, a P/E ratio of -3.37 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGTGet Free Report) last issued its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the previous year, the company posted ($0.64) earnings per share. As a group, research analysts expect that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC boosted 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 worth $1,897,000 after buying an additional 97,541 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in shares of Cogent Biosciences by 20.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock worth $8,919,000 after acquiring an additional 139,096 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Cogent Biosciences by 14.5% in the second quarter. The Manufacturers Life Insurance Company now owns 35,752 shares of the technology company’s stock worth $301,000 after acquiring an additional 4,528 shares during the period. Point72 Asset Management L.P. raised its stake in shares of Cogent Biosciences by 56.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 10,470,398 shares of the technology company’s stock valued at $88,265,000 after purchasing an additional 3,794,150 shares during the period. Finally, Geode Capital Management LLC lifted its holdings in Cogent Biosciences by 15.1% during the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after purchasing an additional 300,062 shares in the last quarter.

About Cogent Biosciences

(Get Free Report)

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.

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