Cogent Biosciences (NASDAQ:COGT) Trading Down 5.3% - Here's What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price was down 5.3% during mid-day trading on Tuesday . The company traded as low as $11.23 and last traded at $11.24. Approximately 93,373 shares were traded during mid-day trading, a decline of 93% from the average daily volume of 1,402,432 shares. The stock had previously closed at $11.87.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Citigroup raised their price target on Cogent Biosciences from $13.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, September 24th. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 price target on shares of Cogent Biosciences in a research note on Monday. Robert W. Baird upped their price target on shares of Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a report on Thursday, September 5th. Wedbush reaffirmed a "neutral" rating and issued a $11.00 price objective (up from $10.00) on shares of Cogent Biosciences in a research report on Tuesday, September 3rd. Finally, Needham & Company LLC reiterated a "buy" rating and set a $16.00 target price on shares of Cogent Biosciences in a report on Thursday, October 24th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $14.67.

Cogent Biosciences Price Performance

The business's 50-day moving average is $11.11 and its two-hundred day moving average is $9.37. The firm has a market cap of $1.09 billion, a P/E ratio of -4.02 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last issued its quarterly earnings results on Tuesday, August 6th. The technology company reported ($0.59) EPS for the quarter, missing the consensus estimate of ($0.56) by ($0.03). During the same quarter in the previous year, the business earned ($0.59) earnings per share. Equities research analysts predict that Cogent Biosciences, Inc. will post -2.25 EPS for the current year.

Institutional Investors Weigh In On Cogent Biosciences

Hedge funds have recently bought and sold shares of the company. Values First Advisors Inc. bought a new position in shares of Cogent Biosciences in the third quarter valued at about $32,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings 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 worth $43,000 after acquiring an additional 1,104 shares during the period. nVerses Capital LLC acquired a new position in shares of Cogent Biosciences in the third quarter valued at approximately $76,000. Russell Investments Group Ltd. increased its stake in shares of Cogent Biosciences by 234.5% during the first quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company's stock worth $67,000 after purchasing an additional 7,020 shares during the period. Finally, Victory Capital Management Inc. bought a new stake in Cogent Biosciences in the 3rd quarter valued at $113,000.

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.