Cogent Biosciences (NASDAQ:COGT) Stock Price Down 2.4% – Time to Sell?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT) traded down 2.4% during mid-day trading on Wednesday . The stock traded as low as $11.39 and last traded at $11.39. 57,063 shares were traded during trading, a decline of 96% from the average session volume of 1,433,427 shares. The stock had previously closed at $11.67.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Wedbush reaffirmed a “neutral” rating and set a $11.00 price target (up previously from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Citigroup lifted their target price on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. dropped their target price on Cogent Biosciences from $22.00 to $19.00 and set an “overweight” rating for the company in a report on Wednesday, August 7th. HC Wainwright dropped their target price on shares of Cogent Biosciences from $19.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, September 3rd. Finally, Robert W. Baird raised their target price on Cogent Biosciences from $8.00 to $10.00 and gave the company a “neutral” rating in a report on Thursday, September 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $15.00.

Cogent Biosciences Price Performance

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -4.71 and a beta of 1.71. The business’s fifty day moving average price is $10.39 and its 200-day moving average price is $8.86.

Cogent Biosciences (NASDAQ:COGT) last posted its earnings results on Tuesday, August 6th. The technology company reported ($0.59) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.03). During the same quarter last year, the firm earned ($0.59) earnings per share. Equities research analysts predict that Cogent Biosciences, Inc. will post -2.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cogent Biosciences

Several hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. increased its position in Cogent Biosciences by 124.5% during the second 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 last quarter. Hennion & Walsh Asset Management Inc. bought a new position in shares of Cogent Biosciences during the 2nd quarter worth approximately $1,077,000. Sofinnova Investments Inc. increased its stake in Cogent Biosciences by 15.5% during the 2nd quarter. Sofinnova Investments Inc. now owns 2,773,286 shares of the technology company’s stock valued at $23,379,000 after purchasing an additional 372,515 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Cogent Biosciences by 12,785.8% in the 1st quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company’s stock valued at $14,097,000 after buying an additional 2,083,065 shares during the period. Finally, Deerfield Management Company L.P. Series C grew its holdings in Cogent Biosciences by 144.0% during 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.

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.