Cogent Biosciences (NASDAQ:COGT) Stock Price Down 8.4% – Time to Sell?

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on COGT shares. HC Wainwright restated a “buy” rating on shares of Cogent Biosciences in a research note on Wednesday. JPMorgan Chase & Co. boosted their price target on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Robert W. Baird boosted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a “neutral” rating in a research note on Thursday, September 5th. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Finally, Needham & Company LLC lowered Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Trading Down 5.6 %

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

Cogent Biosciences (NASDAQ:COGT) last released its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same period last year, the firm posted ($0.64) earnings per share. On average, equities analysts expect that Cogent Biosciences, Inc. will post -2.4 earnings per share for the current year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in COGT. Virtu Financial LLC acquired a new position in Cogent Biosciences in the 3rd quarter valued at $147,000. Geode Capital Management LLC raised its stake in Cogent Biosciences by 15.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock valued at $24,638,000 after purchasing an additional 300,062 shares during the last quarter. Barclays PLC raised its stake in Cogent Biosciences by 124.8% in the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company’s stock valued at $1,897,000 after purchasing an additional 97,541 shares during the last quarter. Nomura Asset Management Co. Ltd. acquired a new position in Cogent Biosciences in the 3rd quarter valued at $488,000. Finally, Wellington Management Group LLP raised its stake in Cogent Biosciences by 8.0% in the 3rd quarter. Wellington Management Group LLP now owns 342,323 shares of the technology company’s stock valued at $3,697,000 after purchasing an additional 25,470 shares during 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.