Cogent Biosciences (NASDAQ:COGT) Stock Price Down 8.4% – Here’s Why

Cogent Biosciences, Inc. (NASDAQ:COGT) shares traded down 8.4% during mid-day trading on Wednesday . The stock traded as low as $8.39 and last traded at $8.70. 355,341 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 1,444,067 shares. The stock had previously closed at $9.50.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Wedbush reiterated a “neutral” rating and issued a $11.00 price objective on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Citigroup raised their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Robert W. Baird raised their target price on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. JPMorgan Chase & Co. raised their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Finally, Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday. 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.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and an average target price of $14.83.

Cogent Biosciences Stock Down 5.6 %

The company has a market cap of $990.83 million, a price-to-earnings ratio of -3.51 and a beta of 1.71. The firm has a 50-day simple moving average of $10.49 and a 200 day simple moving average of $9.78.

Cogent Biosciences (NASDAQ:COGT) last announced its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter in the prior year, the firm posted ($0.64) earnings per share. As a group, research analysts expect that Cogent Biosciences, Inc. will post -2.4 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Values First Advisors Inc. acquired a new position in Cogent Biosciences during the third quarter worth $32,000. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 valued at $43,000 after purchasing an additional 1,104 shares during the last quarter. nVerses Capital LLC acquired a new stake in Cogent Biosciences in the third quarter valued at $76,000. Victory Capital Management Inc. acquired a new stake in Cogent Biosciences in the third quarter valued at $113,000. Finally, Quest Partners LLC acquired a new stake in Cogent Biosciences in the second quarter valued at $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.