Cogent Biosciences (NASDAQ:COGT) Stock Price Down 2.5% – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT)’s share price dropped 2.5% during trading on Tuesday . The stock traded as low as $7.48 and last traded at $7.52. Approximately 41,237 shares changed hands during mid-day trading, a decline of 97% from the average daily volume of 1,447,758 shares. The stock had previously closed at $7.71.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the stock. Citigroup raised their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Wedbush reaffirmed a “neutral” rating and set a $11.00 target price on shares of Cogent Biosciences in a research note on Tuesday, November 12th. Robert W. Baird increased their price objective 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. JPMorgan Chase & Co. lifted their price objective on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a report on Thursday, November 14th. Finally, HC Wainwright reiterated a “buy” rating on shares of Cogent Biosciences in a report on Wednesday, December 11th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus price target of $14.83.

Cogent Biosciences Trading Down 1.7 %

The stock’s 50-day moving average price is $9.60 and its two-hundred day moving average price is $9.74. The stock has a market capitalization of $837.30 million, a P/E ratio of -3.06 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT) last announced its quarterly earnings results on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). During the same quarter in the prior year, the firm posted ($0.64) EPS. On average, equities research analysts predict that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current year.

Hedge Funds Weigh In On Cogent Biosciences

A number of large investors have recently added to or reduced their stakes in COGT. Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Cogent Biosciences by 38.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,959 shares of the technology company’s stock valued at $43,000 after buying an additional 1,104 shares during the period. Verition Fund Management LLC grew its holdings in shares of Cogent Biosciences by 7.5% during the 3rd quarter. Verition Fund Management LLC now owns 31,228 shares of the technology company’s stock worth $337,000 after acquiring an additional 2,176 shares during the period. SkyView Investment Advisors LLC raised its position in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company’s stock worth $105,000 after acquiring an additional 2,500 shares in the last quarter. Values First Advisors Inc. purchased a new position in shares of Cogent Biosciences in the 3rd quarter valued at approximately $32,000. Finally, Creative Planning boosted its position in shares of Cogent Biosciences by 29.6% during the third quarter. Creative Planning now owns 14,324 shares of the technology company’s stock valued at $155,000 after purchasing an additional 3,272 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.