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

Cogent Biosciences, Inc. (NASDAQ:COGT) shares fell 7% during trading on Friday . The company traded as low as $8.95 and last traded at $8.97. 296,168 shares were traded 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

Several research firms recently commented on COGT. Wedbush reiterated a “neutral” rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday. Needham & Company LLC decreased their target price on Cogent Biosciences from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. upped 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. Citigroup upped 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. Finally, Robert W. Baird increased their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cogent Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Trading Down 5.6 %

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

Cogent Biosciences (NASDAQ:COGT) last issued its quarterly earnings results 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 quarter in the previous year, the company earned ($0.64) earnings per share. Equities research analysts predict that Cogent Biosciences, Inc. will post -2.29 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its stake in Cogent Biosciences by 124.5% during the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock valued at $126,335,000 after purchasing an additional 8,310,150 shares in the last quarter. Kynam Capital Management LP boosted its stake in shares of Cogent Biosciences by 45.2% during the 1st quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company’s stock worth $57,120,000 after acquiring an additional 2,645,234 shares in the last quarter. FMR LLC boosted its stake in shares of Cogent Biosciences by 8.1% during the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after acquiring an additional 625,743 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company’s stock worth $38,746,000 after buying an additional 1,231,050 shares during the period. Finally, Redmile Group LLC raised its holdings in shares of Cogent Biosciences by 36.0% during the first quarter. Redmile Group LLC now owns 3,962,602 shares of the technology company’s stock worth $26,629,000 after acquiring an additional 1,048,580 shares in the last quarter.

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.