Cogent Biosciences (NASDAQ:COGT) Trading Down 11.9% – Should You Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price was down 11.9% during mid-day trading on Monday . The company traded as low as $6.88 and last traded at $6.91. Approximately 627,769 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 1,127,556 shares. The stock had previously closed at $7.84.

Analyst Ratings Changes

COGT has been the topic of a number of analyst reports. HC Wainwright decreased their target price on shares of Cogent Biosciences from $17.00 to $14.00 and set a “buy” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. increased their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, November 14th. Needham & Company LLC cut Cogent Biosciences from a “buy” rating to a “hold” rating in a research report on Wednesday, December 11th. Wedbush reaffirmed a “neutral” rating and issued a $11.00 price target on shares of Cogent Biosciences in a report on Monday. Finally, Citigroup upped their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 24th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $14.33.

Cogent Biosciences Stock Performance

The firm has a 50-day moving average price of $8.74 and a 200 day moving average price of $9.69. The stock has a market capitalization of $896.95 million, a P/E ratio of -3.27 and a beta of 1.76.

Cogent Biosciences (NASDAQ:COGT) last posted its quarterly earnings results 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 in the previous year, the firm earned ($0.64) EPS. On average, equities analysts anticipate that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. boosted its holdings 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 acquiring an additional 8,310,150 shares during the period. Deerfield Management Company L.P. Series C lifted its position in Cogent Biosciences by 144.0% in the second quarter. Deerfield Management Company L.P. Series C now owns 3,744,263 shares of the technology company’s stock valued at $31,564,000 after purchasing an additional 2,209,918 shares during the last quarter. FMR LLC lifted its position in Cogent Biosciences by 8.1% in the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock valued at $89,850,000 after purchasing an additional 625,743 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of Cogent Biosciences during the third quarter valued at approximately $6,019,000. Finally, Sofinnova Investments Inc. grew its holdings in shares of Cogent Biosciences by 15.5% in the second quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock worth $23,379,000 after purchasing an additional 372,515 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.