Cogent Biosciences (NASDAQ:COGT) Shares Down 7% - Should You Sell?

Shares of Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report) dropped 7% on Friday . The stock traded as low as $8.95 and last traded at $8.97. Approximately 296,168 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 1,419,952 shares. The stock had previously closed at $9.65.

Wall Street Analyst Weigh In

COGT has been the topic of several recent analyst reports. Wedbush reiterated a "neutral" rating and set a $11.00 price objective on shares of Cogent Biosciences in a research report on Tuesday. Citigroup increased their price objective on shares of Cogent Biosciences from $13.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, September 24th. HC Wainwright reaffirmed a "buy" rating and issued a $17.00 target price on shares of Cogent Biosciences in a report on Monday, November 4th. JPMorgan Chase & Co. boosted their target price on Cogent Biosciences from $19.00 to $21.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Needham & Company LLC cut their price target on Cogent Biosciences from $16.00 to $15.00 and set a "buy" rating for the company in a report on Wednesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $14.83.

Cogent Biosciences Trading Down 7.8 %

The company has a 50-day moving average price of $10.99 and a two-hundred day moving average price of $9.57. The stock has a market cap of $974.11 million, a P/E ratio of -3.59 and a beta of 1.72.

Cogent Biosciences (NASDAQ:COGT - Get Free Report) last posted its quarterly earnings data 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 quarter last year, the company posted ($0.64) EPS. As a group, equities analysts forecast that Cogent Biosciences, Inc. will post -2.29 earnings per share for the current fiscal year.

Institutional Trading of Cogent Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. grew its stake in shares of 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 buying an additional 8,310,150 shares during the last quarter. Kynam Capital Management LP increased its stake in Cogent Biosciences by 45.2% in the first quarter. Kynam Capital Management LP now owns 8,500,000 shares of the technology company's stock worth $57,120,000 after purchasing an additional 2,645,234 shares during the period. Deerfield Management Company L.P. Series C lifted its position in shares of 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 purchasing an additional 2,209,918 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Cogent Biosciences by 12,785.8% during the first quarter. Janus Henderson Group PLC now owns 2,099,357 shares of the technology company's stock valued at $14,097,000 after purchasing an additional 2,083,065 shares during the period. Finally, Vanguard Group Inc. grew its holdings in shares of Cogent Biosciences by 27.1% in the first quarter. Vanguard Group Inc. now owns 5,765,705 shares of the technology company's stock worth $38,746,000 after purchasing an additional 1,231,050 shares during the last quarter.

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.