Cogent Biosciences (NASDAQ:COGT) Trading Down 5.3% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) was down 5.3% during trading on Friday . The stock traded as low as $9.09 and last traded at $9.11. Approximately 1,091,294 shares were traded during mid-day trading, a decline of 31% from the average daily volume of 1,571,283 shares. The stock had previously closed at $9.62.

Analysts Set New Price Targets

Several research analysts have recently commented on COGT shares. 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 note on Thursday, November 14th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Monday, January 13th. HC Wainwright decreased their price objective on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a research note on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.33.

Cogent Biosciences Stock Performance

The firm has a 50 day moving average of $8.46 and a 200-day moving average of $9.66.

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last year, the company earned ($0.64) earnings per share. On average, equities analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Values First Advisors Inc. purchased a new position in Cogent Biosciences during the 3rd quarter valued at $32,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Cogent Biosciences by 38.7% during 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 position in Cogent Biosciences during the 3rd quarter valued at $76,000. Victory Capital Management Inc. purchased a new position in Cogent Biosciences during the 3rd quarter valued at $113,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Cogent Biosciences during the 3rd quarter valued at $134,000.

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.