Cogent Biosciences (NASDAQ:COGT) Trading Down 11.9% – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price dropped 11.9% during trading on Monday . The stock traded as low as $6.88 and last traded at $6.91. Approximately 627,769 shares were traded during mid-day trading, a decline of 44% from the average daily volume of 1,127,556 shares. The stock had previously closed at $7.84.

Analyst Ratings Changes

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

Cogent Biosciences Price Performance

The company has a market cap of $828.47 million, a PE ratio of -3.02 and a beta of 1.76. The business has a 50-day moving average of $8.88 and a 200 day moving average of $9.71.

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 analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the firm posted ($0.64) earnings per share. On average, equities analysts predict that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

Hedge funds have recently made changes to their positions in the business. Values First Advisors Inc. bought a new position in shares of Cogent Biosciences in the third quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Cogent Biosciences by 38.7% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock worth $43,000 after acquiring an additional 1,104 shares during the period. nVerses Capital LLC bought a new position in shares of Cogent Biosciences in the third quarter worth about $76,000. Victory Capital Management Inc. bought a new position in shares of Cogent Biosciences in the third quarter worth about $113,000. Finally, Quest Partners LLC bought a new position in shares of Cogent Biosciences in the second quarter worth about $89,000.

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.