Cogent Biosciences (NASDAQ:COGT) Trading Down 7% – Should You Sell?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) fell 7% on Friday . The company traded as low as $8.95 and last traded at $8.97. 296,168 shares changed hands during trading, a decline of 79% from the average session volume of 1,419,952 shares. The stock had previously closed at $9.65.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on COGT. HC Wainwright reissued a “buy” rating and set a $17.00 target price on shares of Cogent Biosciences in a research report on Monday, November 4th. Robert W. Baird increased their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a report on Thursday, September 5th. Wedbush reissued a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a report on Tuesday. JPMorgan Chase & Co. increased their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a report on Thursday. Finally, Citigroup increased 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. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Trading Down 5.6 %

The company has a 50 day simple moving average of $11.02 and a 200-day simple moving average of $9.53. The stock has a market cap of $997.09 million, a price-to-earnings ratio of -3.89 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT) last issued 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 in the prior year, the company posted ($0.64) earnings per share. Equities analysts forecast that Cogent Biosciences, Inc. will post -2.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in COGT. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Cogent Biosciences by 8.1% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 52,379 shares of the technology company’s stock worth $352,000 after buying an additional 3,912 shares in the last quarter. Swiss National Bank raised its holdings in shares of Cogent Biosciences by 33.9% in the 1st quarter. Swiss National Bank now owns 124,000 shares of the technology company’s stock worth $833,000 after acquiring an additional 31,400 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Cogent Biosciences by 234.5% in the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company’s stock worth $67,000 after acquiring an additional 7,020 shares during the last quarter. ProShare Advisors LLC raised its holdings in shares of Cogent Biosciences by 15.3% in the 1st quarter. ProShare Advisors LLC now owns 22,206 shares of the technology company’s stock worth $149,000 after acquiring an additional 2,953 shares during the last quarter. Finally, Entropy Technologies LP acquired a new stake in shares of Cogent Biosciences in the 1st quarter worth about $213,000.

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.