Cogent Biosciences (NASDAQ:COGT) Shares Gap Down – Time to Sell?

Cogent Biosciences, Inc. (NASDAQ:COGT) gapped down prior to trading on Monday . The stock had previously closed at $8.89, but opened at $8.16. Cogent Biosciences shares last traded at $8.97, with a volume of 427,508 shares.

Analysts Set New Price Targets

COGT has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and issued a $17.00 price objective on shares of Cogent Biosciences in a research report on Monday, November 4th. Wedbush reissued a “neutral” rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the company an “overweight” rating in a research note on Thursday, November 14th. Citigroup upped their target price on Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $15.00 target price on shares of Cogent Biosciences in a research report on Monday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Cogent Biosciences has an average rating of “Moderate Buy” and a consensus target price of $14.83.

Cogent Biosciences Stock Performance

The stock has a 50-day moving average of $10.54 and a two-hundred day moving average of $9.76. The company has a market cap of $1.07 billion, a P/E ratio of -3.95 and a beta of 1.71.

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 period in the previous year, the company posted ($0.64) EPS. Research analysts predict that Cogent Biosciences, Inc. will post -2.4 EPS for the current year.

Institutional Trading of Cogent Biosciences

Several institutional investors have recently made changes to their positions in COGT. Point72 Asset Management L.P. grew its stake in shares of Cogent Biosciences by 124.5% in the 2nd quarter. Point72 Asset Management L.P. now owns 14,986,398 shares of the technology company’s stock worth $126,335,000 after buying an additional 8,310,150 shares in the last quarter. FMR LLC grew its stake in Cogent Biosciences by 8.1% in the third quarter. FMR LLC now owns 8,319,411 shares of the technology company’s stock worth $89,850,000 after purchasing an additional 625,743 shares in the last quarter. Deerfield Management Company L.P. Series C lifted its stake 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 worth $31,564,000 after acquiring an additional 2,209,918 shares during the period. Sofinnova Investments Inc. lifted its position in shares of Cogent Biosciences by 15.5% in the 2nd 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 period. Finally, Geode Capital Management LLC boosted its position in Cogent Biosciences by 15.1% during 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 acquiring an additional 300,062 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.