Cogent Biosciences (NASDAQ:COGT) Trading Down 4.4% - What's Next?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) traded down 4.4% on Wednesday . The stock traded as low as $7.78 and last traded at $7.83. 404,839 shares changed hands during trading, a decline of 72% from the average session volume of 1,454,087 shares. The stock had previously closed at $8.19.

Analysts Set New Price Targets

COGT has been the subject of a number of research reports. Needham & Company LLC downgraded Cogent Biosciences from a "buy" rating to a "hold" rating in a report on Wednesday, December 11th. HC Wainwright reissued a "buy" rating on shares of Cogent Biosciences in a report on Wednesday, December 11th. JPMorgan Chase & Co. increased their target price on shares of Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday, November 14th. Citigroup lifted their price target on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, September 24th. Finally, Robert W. Baird boosted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the company a "neutral" rating in a research note on Thursday, September 5th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Cogent Biosciences currently has an average rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Stock Performance

The company has a market cap of $843.93 million, a P/E ratio of -3.08 and a beta of 1.70. The stock's fifty day moving average price is $10.19 and its two-hundred day moving average price is $9.78.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The technology company reported ($0.64) EPS for the quarter, missing the consensus estimate of ($0.57) by ($0.07). During the same quarter last year, the business posted ($0.64) EPS. On average, equities research analysts forecast that Cogent Biosciences, Inc. will post -2.42 EPS for the current year.

Institutional Trading of Cogent Biosciences

Large investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. acquired a new stake in shares of Cogent Biosciences in the 2nd quarter valued at approximately $1,077,000. Bank of New York Mellon Corp boosted its position in Cogent Biosciences by 16.3% in the second quarter. Bank of New York Mellon Corp now owns 326,584 shares of the technology company's stock valued at $2,753,000 after buying an additional 45,770 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Cogent Biosciences by 9.6% during the second quarter. Rhumbline Advisers now owns 130,516 shares of the technology company's stock worth $1,100,000 after buying an additional 11,383 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Cogent Biosciences during the second quarter worth $89,000. Finally, Sofinnova Investments Inc. lifted its stake 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 valued at $23,379,000 after acquiring an additional 372,515 shares during 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.