Cogent Biosciences (NASDAQ:COGT) Shares Down 5.3% – Here’s What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price fell 5.3% during mid-day trading on Friday . The company traded as low as $9.09 and last traded at $9.11. 1,091,294 shares traded hands during mid-day trading, a decline of 31% from the average session volume of 1,571,283 shares. The stock had previously closed at $9.62.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Wedbush reiterated a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research report on Monday, January 13th. Needham & Company LLC downgraded Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. JPMorgan Chase & Co. lifted their target price on Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Finally, HC Wainwright cut their price target 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. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $14.33.

Cogent Biosciences Stock Performance

The company has a market cap of $1.03 billion, a P/E ratio of -3.74 and a beta of 1.76. The firm’s 50-day simple moving average is $8.45 and its 200 day simple moving average is $9.66.

Cogent Biosciences (NASDAQ:COGT) last released 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 previous year, the business earned ($0.64) earnings per share. As a group, research analysts forecast that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Several large investors have recently bought and sold shares of the company. Mirae Asset Global Investments Co. Ltd. grew its stake 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 acquiring an additional 1,104 shares during the period. Verition Fund Management LLC increased its stake in Cogent Biosciences by 7.5% during the 3rd quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after purchasing an additional 2,176 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Cogent Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 23,422 shares of the technology company’s stock worth $183,000 after buying an additional 2,371 shares during the period. Values First Advisors Inc. bought a new position in Cogent Biosciences in the third quarter valued at approximately $32,000. Finally, Creative Planning boosted its holdings in shares of Cogent Biosciences by 29.6% in the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after buying an additional 3,272 shares during the period.

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.