Cogent Biosciences (NASDAQ:COGT) Trading Down 6.6%

Cogent Biosciences, Inc. (NASDAQ:COGT - Get Free Report)'s stock price fell 6.6% during mid-day trading on Friday . The company traded as low as $10.49 and last traded at $10.50. 537,577 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 1,525,060 shares. The stock had previously closed at $11.24.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on COGT. HC Wainwright lowered their price target on Cogent Biosciences from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday. Wedbush reaffirmed a "neutral" rating and issued a $11.00 price target (up from $10.00) on shares of Cogent Biosciences in a research note on Tuesday. Robert W. Baird lifted their price target on Cogent Biosciences from $8.00 to $10.00 and gave the stock a "neutral" rating in a research note on Thursday. Needham & Company LLC reaffirmed a "buy" rating and issued a $18.00 price target on shares of Cogent Biosciences in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. lowered their price objective on Cogent Biosciences from $22.00 to $19.00 and set an "overweight" rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $14.67.

Cogent Biosciences Stock Performance

The company has a 50 day moving average price of $9.40 and a 200 day moving average price of $8.10. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of -4.22 and a beta of 1.70.

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

Institutional Investors Weigh In On Cogent Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Russell Investments Group Ltd. raised its holdings in shares of Cogent Biosciences by 234.5% in the 1st quarter. Russell Investments Group Ltd. now owns 10,014 shares of the technology company's stock valued at $67,000 after buying an additional 7,020 shares during the period. Quest Partners LLC purchased a new stake in shares of Cogent Biosciences in the 2nd quarter valued at $89,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Cogent Biosciences in the 4th quarter valued at $70,000. SkyView Investment Advisors LLC raised 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 buying an additional 2,500 shares during the period. Finally, NEOS Investment Management LLC purchased a new stake in shares of Cogent Biosciences in the 4th quarter valued at $76,000.

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.