Cogent Biosciences (NASDAQ:COGT) Trading Down 2.5% - What's Next?

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on COGT. Citigroup boosted their target price 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. Needham & Company LLC lowered Cogent Biosciences from a "buy" rating to a "hold" rating in a research report on Wednesday, December 11th. 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. 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. Finally, HC Wainwright reiterated a "buy" rating on shares of Cogent Biosciences in a report on Wednesday, December 11th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Price Performance

The stock's 50 day moving average price is $9.60 and its two-hundred day moving average price is $9.74. The firm has a market capitalization of $861.60 million, a price-to-earnings ratio of -3.15 and a beta of 1.70.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its earnings results on Tuesday, November 12th. The technology company reported ($0.64) earnings per share for the quarter, missing analysts' consensus estimates of ($0.57) by ($0.07). During the same period in the previous year, the business earned ($0.64) EPS. As a group, equities research analysts anticipate that Cogent Biosciences, Inc. will post -2.42 EPS for the current fiscal year.

Hedge Funds Weigh In On Cogent Biosciences

A number of hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its stake in Cogent Biosciences by 9.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 64,828 shares of the technology company's stock valued at $700,000 after buying an additional 5,720 shares in the last quarter. Virtu Financial LLC acquired a new stake in shares of Cogent Biosciences in the 3rd quarter valued at $147,000. Geode Capital Management LLC grew its holdings in shares of Cogent Biosciences by 15.1% in the 3rd quarter. Geode Capital Management LLC now owns 2,280,793 shares of the technology company's stock worth $24,638,000 after purchasing an additional 300,062 shares during the last quarter. Barclays PLC increased its position in shares of Cogent Biosciences by 124.8% during the 3rd quarter. Barclays PLC now owns 175,684 shares of the technology company's stock worth $1,897,000 after purchasing an additional 97,541 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. acquired a new stake in shares of Cogent Biosciences during the 3rd quarter worth about $488,000.

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.