Cogent Biosciences (NASDAQ:COGT) Shares Down 4.2%

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) were down 4.2% during trading on Tuesday . The company traded as low as $10.35 and last traded at $10.35. Approximately 9,342 shares were traded during trading, a decline of 99% from the average daily volume of 1,463,010 shares. The stock had previously closed at $10.80.

Analysts Set New Price Targets

A number of research analysts have issued reports on COGT shares. JPMorgan Chase & Co. decreased their target price on shares of Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 7th. Citigroup raised their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Robert W. Baird lifted their target price on shares of Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research report on Thursday, September 5th. Needham & Company LLC restated a “buy” rating and set a $18.00 price objective on shares of Cogent Biosciences in a research report on Wednesday, August 7th. Finally, HC Wainwright cut their price target on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday, September 3rd. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $15.00.

Cogent Biosciences Trading Down 3.2 %

The business’s fifty day simple moving average is $10.02 and its 200-day simple moving average is $8.51. The firm has a market cap of $999.16 million, a P/E ratio of -4.35 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter in the prior year, the firm earned ($0.59) EPS. Analysts anticipate that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Frazier Life Sciences Management L.P. raised its position in Cogent Biosciences by 32.9% during the fourth quarter. Frazier Life Sciences Management L.P. now owns 1,995,267 shares of the technology company’s stock valued at $11,732,000 after purchasing an additional 493,884 shares during the period. Kynam Capital Management LP increased its position in shares of Cogent Biosciences by 164.9% during the fourth quarter. Kynam Capital Management LP now owns 5,854,766 shares of the technology company’s stock worth $34,426,000 after purchasing an additional 3,644,641 shares in the last quarter. Rafferty Asset Management LLC raised its stake in Cogent Biosciences by 50.5% in the fourth quarter. Rafferty Asset Management LLC now owns 288,671 shares of the technology company’s stock valued at $1,697,000 after buying an additional 96,894 shares during the last quarter. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. acquired a new stake in Cogent Biosciences during the 2nd quarter worth about $1,077,000.

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.