Cogent Biosciences (NASDAQ:COGT) Trading Down 5.3% – Should You Sell?

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

Analysts Set New Price Targets

A number of research firms have recently issued reports on COGT. JPMorgan Chase & Co. increased their price target on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Wedbush reissued a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Monday, January 13th. Needham & Company LLC cut shares of Cogent Biosciences from a “buy” rating to a “hold” rating in a report on Wednesday, December 11th. Finally, HC Wainwright cut their price objective on Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Cogent Biosciences has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Trading Down 3.5 %

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

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 analysts’ consensus estimates of ($0.57) by ($0.07). During the same period last 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 fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. FMR LLC increased its holdings in Cogent Biosciences by 8.1% in the 3rd quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after buying an additional 625,743 shares during the period. Geode Capital Management LLC raised its position in Cogent Biosciences by 15.1% in the third quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company’s stock worth $24,638,000 after purchasing an additional 300,062 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Cogent Biosciences by 2,865.3% during the 4th quarter. SG Americas Securities LLC now owns 964,712 shares of the technology company’s stock worth $7,525,000 after buying an additional 932,179 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Cogent Biosciences by 20.3% during the third quarter. Charles Schwab Investment Management Inc. now owns 825,793 shares of the technology company’s stock valued at $8,919,000 after acquiring an additional 139,096 shares during the period. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Cogent Biosciences by 1.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 607,208 shares of the technology company’s stock valued at $6,558,000 after purchasing an additional 6,444 shares in the last quarter.

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.