Cogent Biosciences (NASDAQ:COGT) Shares Down 11.9% - Here's What Happened

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) fell 11.9% during trading on Monday . The stock traded as low as $6.88 and last traded at $6.91. 627,769 shares were traded during mid-day trading, a decline of 44% from the average session volume of 1,127,556 shares. The stock had previously closed at $7.84.

Analysts Set New Price Targets

Several equities research analysts have issued reports on COGT shares. Citigroup boosted their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, September 24th. HC Wainwright reaffirmed a "buy" rating on shares of Cogent Biosciences in a research report on Wednesday, December 11th. Needham & Company LLC lowered Cogent Biosciences from a "buy" rating to a "hold" rating in a research report on Wednesday, December 11th. JPMorgan Chase & Co. boosted their price objective on Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research note on Thursday, November 14th. Finally, Wedbush reiterated a "neutral" rating and issued a $11.00 target price on shares of Cogent Biosciences in a research note on Monday. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Stock Down 3.4 %

The firm has a market cap of $836.20 million, a price-to-earnings ratio of -3.05 and a beta of 1.76. The company has a 50 day moving average of $8.79 and a 200 day moving average of $9.70.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last released its earnings results 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 in the prior year, the firm posted ($0.64) earnings per share. As a group, equities research analysts expect that Cogent Biosciences, Inc. will post -2.42 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Values First Advisors Inc. bought a new position in shares of Cogent Biosciences during the third quarter worth about $32,000. Mirae Asset Global Investments Co. Ltd. raised its stake in 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 valued at $43,000 after buying an additional 1,104 shares in the last quarter. nVerses Capital LLC bought a new position in Cogent Biosciences during the 3rd quarter worth approximately $76,000. Quest Partners LLC acquired a new position in shares of Cogent Biosciences in the 2nd quarter worth approximately $89,000. Finally, SkyView Investment Advisors LLC increased its holdings in shares of Cogent Biosciences by 25.0% in the 2nd quarter. SkyView Investment Advisors LLC now owns 12,500 shares of the technology company's stock valued at $105,000 after acquiring an additional 2,500 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.